The crypto trading giant Binance just announced that it will be discontinuing SGD trading pairs and payment options, as well as pulling its app from the Singaporean Google Play and iOS app stores. This comes at a time when regulators worldwide are getting increasingly concerned about its financial operations.
Singapore is the most recent government to express concerns about Binance, a leading global cryptocurrency exchange. Similar worries have been raised by regulatory bodies in Brazil and the United Kingdom. The UK’s financial watchdog FCA warned about Binance’s governance structure and products not being compliant, whereas Brazilian regulators ordered the exchange to stop trading futures contracts on its Brazilian platform.
The exchange has had to alter its Singaporean operations in order for it to comply with the current push from the Southeast Asian nation’s regulators. Binance P2P, which allows users to trade directly with each other in nearly any country, is one of the services and offerings to take a hit. It lets users buy and sell cryptocurrencies without the need for an intermediary, similar to how an online marketplace, such as Facebook Marketplace, connects buyers and sellers.
On September 10, 2021, Binance P2P will eliminate SGD trading pairings in bitcoin, Ethereum, and Binance Coin (BNB), in an attempt to address concerns from the Monetary Authority of Singapore (MAS). To minimise trading disputes, the exchange recommended all P2P users to complete all linked trades and take down their trade adverts by September 9.
The company will also remove its trading app from the iOS and Google Play app stores in Singapore, as well as the SGD Payment options for buying and selling cryptocurrencies. At present the platform accepts Singapore-dollar deposits and withdrawals through Xfers Direct, but this service will be phased down after September 10.
Binance Asia Services, a Singapore-based subsidiary of Binance, runs Binance.SG, which is independent from the worldwide corporation.