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Singapore officials probe popular crypto platform
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.