Cryptocurrency exchange Binance has responded to a warning by Singapore’s regulator by removing some of its offerings in the city-state.
Binance will cease Singapore dollar trading pairs and payment options, according to a blog post over the weekend, alongside the removal of its app from Singapore’s online stores.
The halt will begin as of Friday and users have been advised to complete all related peer-to-peer trades and remove related trade ads by Thursday to avoid disputes.
Consumer protection is important to all of us, Binance.com said in a statement. We are ready to assist regulators from around the world and together find the optimal way to set a fair playing field.
The latest move only relates to Binance.com with no services changes on Binance.sg, Binance’s Singapore entity, according to a spokesperson.
Binance Asia Services, which operates Binance.sg, recently submitted a license application to the Monetary Authority of Singapore. It is currently exempt from holding a license for the provision of digital payment token services until the review of its license application is completed.