Binance.com, the global cryptocurrency exchange platfrom announced the suspension of spot trading, fiat purchase channels, liquid swap, and fiat deposit functions. The suspension would come into effect from 26th October. The exchange also requested Singapore users to withdraw their tokens and cease their trades by the effective date. The exchange in its official press release said,

“As the market leader, Binance constantly evaluates its product and service offerings. We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance. Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes.”

Changes to Binance Offerings in Singaporehttps://t.co/tNscWF7zxd

— Binance (@binance) September 27, 2021

Binance’s trouble in Singapore began after the Securities Commission in the country put Binance.com under Investor Alert List. In the wake of the first regulatory action, Binance ceased certain product offerings in the country before suspending key crypto trading features altogether. It is also important to note that Binance’s Sister company in Singapore has applied for a regulatory license and has been granted an exception until a decision is made on its filing despite the global platform facing regulatory scrutiny.

Binance Continue to Face Regulatory Setbacks

Singapore was considered to be the next home for Binance after facing regulatory scrutiny from nearly a dozen countries. However, the recent series of events suggest Singapore regulators are also going after the global exchange despite harbouring its sister company. The world’s leading exchange’s regulatory troubles seem to meet no end as more countries continue to enforce action against it.

The crypto exchange has taken several decisions to mend its ways with regulators over the past couple of months, right from suspending derivative offerings in several countries to on-boarding regulatory experts. However, that hasn’t changed much, now the crypto exchange plans to establish a centralized headquarters and also looking for a change of CEOs if that can help.

Binance’s legal woes took a new turn today just when things have started looking to improve for the world’s leading cryptocurrency exchange. The Monetary Authority of Singapore (MAS), Singapore’s Central Bank as well as the top financial regulator put Binance.com on its Investor Alert List. This list comprises names of companies or organizations that are unregulated and might be perceived as licensed by MAS.

The official website didn’t offer any further detail on the reason behind Binance’s inclusion on the list and just the website’s link was posted. The news also comes just within a week of the appointment of Richard Teng, the former chief regulatory officer of the Singapore Stock Exchange as the CEO of Binance Singapore. There were rumors of positive collaboration between the crypto exchange and state entities.

Interestingly, the local website of the crypto exchange Binance.sg is not on the investor alert list. A Binance spokesperson said that both websites are different and Binance.sg is solely focused on Singapore operations with an independent team. The spokesperson also clarified that Binance Singapore offers no services via Binance.com and explained,

“Binance Singapore has applied for a license with the Monetary Authority of Singapore. We currently operate under the relevant exemption granted by the MAS and are fully committed to working closely with the MAS to comply with all required standards for license approval,”

Binance Singapore has been offered an exemption to operate by the MAS as its license gets processed. As per the Payment Services Act, all crypto exchanges are required to obtain a license before offering their service with few exceptions.

Binance’s Regulatory Woes Extends to September

Binance’s legal trouble began in June when the UK watchdog FCA issued a warning against the crypto exchange for operating without a license and since then nearly a dozen countries have issued similar non-compliance warnings. A few countries such as Thailand have gone ahead with criminal proceedings as well.

The CEO of the crypto exchange has maintained that they are fully committed to working with regulators and be compliant with local regulations in every country it operates. The exchange has also discontinued its crypto derivative offerings across Europe, South Korea, and Hong Kong in light of regulatory concerns.