After being listed on the Monetary Authority of Singapore (MAS) investor alert list, Binance decided to withdraw its product offerings in Singapore.
The withdrawal will take effect on September 9.
Following that date, Singapore investors will no longer be allowed to trade cryptocurrencies or accept any payments in Singapore dollars (SGD).
Singapore investors are also encouraged to complete any peer-to-peer trades within 24 hours as the function will end on the same day, at 12 noon.
Even the Binance mobile app will also be ‘removed’ from Apple and Google Play Singapore.
Like dejavu, this is not the first time Binance has done so. Prior to this, Binance had limited its product offerings in Malaysia.
It is understood that MAS has warned Binance for allegedly violating the country's Payment Services Act, including not being registered with MAS, causing the global crypto exchange to be placed on the investor alert list.
For the record, this is the latest opposition after several countries such as the United States (US), United Kingdom (UK), Germany, Japan, Canada, South Africa, and Malaysia declared strict rules against Binance.
However on 26 August, the UK welcomed Binance’s reappearance in its market after it was found to comply with rules set by the Financial Conduct Authority (FCA).
Binance also saw the highest trading record of any other exchange which on Sunday, its trading volume reached more than $ 24 billion.
