Binance, a global cryptocurrency exchange, announced on Sunday that it will reduce product offerings in Singapore in response to financial regulators’ concerns that the company may have violated payment laws.
Singaporeans will no longer be able to trade cryptocurrencies or receive payments denominated in the Singapore dollar, abbreviated as SGD, as of September 9, according to a blog post published on Sunday. The Binance mobile app will also be removed from the Apple and Google Play stores in Singapore.
All SGD trading pairs will be removed at 04:00 UTC on September 9, according to the exchange, and users are advised to complete all peer-to-peer trades 24 hours in advance of the deadline.
Binance’s decision to halt certain product offerings came just days after the Monetary Authority of Singapore, or MAS, warned the exchange that it may be in violation of the country’s Payment Services Act. Binance was added to the regulator’s investor alert list on September 1. The list includes “unregulated persons who may have been mistakenly perceived as licensed or regulated by MAS based on information received by MAS.”