Binance to Disable Trading Pairs in Singaporean Dollar
Leading cryptocurrency exchange, Binance is still enmeshed in regulatory troubles as it revealed plans to disable cryptocurrencies paired with the Singaporean dollar by September 10. This comes on the heels of stringent warnings issued by the Monetary Authority of Singapore (MAS) to the exchange as regards conducting its operations while being unregistered. In the last week, the MAS would later direct Binance to discontinue its activities in the country.
Acting on the order from the regulatory body, Singaporean trading pairs will no longer be available to investors in the Asian country. In addition, the exchange also revealed plans to disable payment options and delete its application from both Google Play and App store. The proposed steps may not suffice as a complete adherence to the MAS’ order since Singaporeans would still have access to other trading pairs apart from the ones to be disabled.
Singaporean Traders May Resort to Alternatives
Binance’s September 10 resolution is also likely to lead to a rise in clandestine operations as traders and investors try to evade the disablements in a bid to continue their trading activities unhindered. Back in August, Binance deactivated trading pairs for the Norwegian Krone. It took it a step further by disabling the Norwegian language option, thereby making Norwegian traders to resort to other crypto exchanges.
More importantly, Binance may witness a decline in its user base in Singapore as crypto enthusiasts troop to the alternatives. The same thing had happened after UK regulators halted the exchange’s operations saying it ran its business in the country as an unregistered entity. Following its exit, Kraken and Gemini, both crypto exchanges, reported an increase in their user bases.
In the same month, Binance exited the capital city of Ontario after the Ontario Service Commission (OSC) ordered it to quit operating in the region or obtain a license from the relevant body in order to continue its operations. Binance took the easy way out but not without informing traders to close their open positions before December 31st.
Its regulatory woes continued in the weeks that followed in other regions such as the US, the Cayman Islands, Thailand, South Korea. At the height of the pressure, Binance would later succumb to pressure stating its readiness to comply and co-operate with regulators during a press preference held in early August. Binance added that it had begun obtaining licenses from regulatory agencies in markets within APAC and EMEA.
South African Regulator Accuses Binance of Non-compliance, Binance Counters
In a recent controversy surrounding regulations, South Africa’s Financial Services Conduct Authority (FSCA) accused Binance of carrying on its business in the region without recourse to a license from authorities. The FSCA further alleged Binance offered financial advice to South African investors through its Telegram group.
However, the crypto exchange countered by saying the FSCA was not the appropriate body to be accountable to concerning cryptocurrency matters. Binance also claimed it had followed due protocol as laid down by the body in charge of such matters- Financial Intelligence Commission (FIC),
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