Cryptocurrency exchange giant Binance will stop offering several products in Singapore this week, just days after the central bank flagged possible violations.
- Binance said it will no longer offer SGD trading pairs and SGD payment options and remove its application from the Singapore iOS and Google Play stores starting 4 a.m. on Friday, September 10.
- The exchange urged Singaporean users to complete all related trades and remove trade advertisements by 4 a.m. on Thursday, September 9, to avoid possible trading disputes moving forward.
- The announcement comes days after the Monetary Authority of Singapore ordered the firm to stop providing payment services to Singapore residents pending the necessary licenses to operate in the country.
- Binance said it is open to working together with regulators on policies that will be able to benefit the public, as it seeks to develop a “sustainable ecosystem” built around blockchains and digital assets.
Binance also warned users to make trades cautiously, citing high market risk in cryptocurrencies.
BTC is up 2.60%, ETH down 0.59%, and XRP up 6.37%.