The world’s largest crypto exchange platform, Binance Holdings, has announced that it will scale back its offerings in Singapore following investigations by the city-state’s regulators
Binance says that it will stop Singapore dollar trading pairs and trading options, whilst also removing its app from both IOS and Google Play stores.
It comes as Singaporean authorities believe the company may be breaching the country’s Payment Services Act.
Users have been alerted and told to complete all related peer-to-peer trades by this week… to “avoid potential trading disputes”.
In a statement, Binance says “consumer protection is important to all of us… and we are ready to assist regulators from around the world and find the optimal way to set a fair playing field.”
Authorities say the crypto platform may be breaching the Payment Sevices Act by providing and soliciting business for Singaporean residents without an appropriate license.
Binance says it is committed to working with the government to find a solution.
Why is the world’s largest crypto exchange battling U.S. regulators?
U.S. regulators have filed charges against Binance, the world’s largest crypt exchange
Is the idea of a financial world that operates outside of the global banking system and eludes the reach of regulations a possibility or a pipe dream?
The Securities and Exchange Commission has filed 13 charges against the Bianace, world’s largest crypt exchange and its billionaire founder, Changpeng Zhao.
The SEC alleges that the crypto exchange worked to attract U.S. customers to its unregulated international exchange, commingled investor funds with their own and violated securities laws.
In addition, the SEC is also alleging that Binance and Zhao used market-making companies—that they controlled—to inflate trading prices and profit from of their customers.
Zhao has publicly dismissed the allegations.
Stefan Rust, the former CEO of Bitcoin.com joins us to discuss. #crypto #cryptocurrency #StefanRust #veronicadudo #Binance #ChangpengZhao
Is the metaverse the future of social network?
U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.
#metaverse #china #unitedstates #tech #veronicadudo #ozsultan #crypto
Who will win the global metaverse race?
China is looking to invest in the metaverse market as numerous cities rollout policy proposals.
Technology continues to change our lives forever.
As new advancements are released to the public—safety continues to be a major concern.
People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.
While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.
Analysts say it’s the next evolution in social connection and the successor to the mobile internet.
According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.
China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.
This comes after tense year of regulatory scrutiny on the countries tech sector.
The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.
The initiative involves the municipal government establishing a nearly $1.5 billion dedicated fund in an effort to foster growth and development in the industry.
So, is the metaverse taking the world by storm?
Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech
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