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Cryptocurrency exchange Binance faces a strict regulatory check from Singaporean authorities

Cryptocurrency exchange Binance faces a strict regulatory check from Singaporean authorities

As the cryptocurrency market continues to grow and prosper with the regular inclusion of several crypto coins, many cryptocurrency exchanges are also introduced within the crypto community. These exchanges play the role of a bridge between the users and the crypto market. Investors can trade, buy, sell, and stake hundreds of crypto tokens on these exchanges. Plus, many of these exchanges have their own crypto projects that prove to be a rather reliable investing prospect.

Binance is the largest cryptocurrency exchange of the crypto market in terms of reported trading volumes. Hundreds and thousands of users use Binance for their crypto-related activities, and many of them have heavily invested in the native coin of the exchange, Binance Coin (BNB). The Binance Coin is also the fourth largest cryptocurrency in terms of market capitalization which indicates at the popularity of the coin and the overall exchange as well.

Binance clashes with the Monetary Authority of Singapore

Recently, the Monetary Authority of Singapore (MAS) issued a warning to Binance, and indicated that the exchange might be violating the Payment Services Act (PSA) of the country. It was also on the financial regulator’s alert list that was released on September 1. The inclusion of exchange’s name on this list indicates that the crypto firm is unregulated.

Binance was fast to respond to these measures of MAS. As a result, it halted support for trading pairs in the Singaporean Dollars. The exchange announced that it will suspend offering for SGD pairs from September 10. Moreover, the users were also advised to complete their P2P trades and other activities that involve the local currency before the deadline. Also, the SGD payment options will be suspended from the exchange’s website. In addition to that, Binance announced that its mobile app will also be deleted from the Google Play Store and the App Store in the Singaporean territory.

With this regulatory crackdown, Singapore has joined the growing list of countries that are moving against the exchange. Countries like the United Kingdom, Japan, and Germany have also posed certain restrictions on the leading crypto exchange. In relation to the growing global reservations, Binance promised that it will reevaluate its strategy and will try to improve its relation with regulators to get licensed.

Nonetheless, the recent Singaporean development has not impacted the performance of BNB in the market. It has continued its ascend for now, and has remained unaffected by the regulatory backlash.

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