The Monetary Authority of Singapore has ordered crypto giant Binance to halt its services in the city-state over a potential breach of local payment rules.
Binance must stop offering services in Singapore, according to a report citing a MAS statement, over a potential breach of the Payment Services Act.
According to the regulator, Binance provided payment services to and solicited business from Singapore residents without an appropriate license.
In response, Binance said its Singapore operations are conducted via Binance Asia Services (BAS) which is a separate legal entity from Binance.com.
BAS operates Binance.sg, does not offer any products or services via Binance.com, and has its own local executive and management team.
BAS has submitted a license application and is currently exempt from holding one for digital payment token services, MAS said, adding that the application remains under review and is subject to the firm demonstrating that it is able to meet requirements.
On the other hand, Binance didn’t apply for a license under local law and the regulator has added the crypto firm to its investor alert list.
MAS has been engaging BAS and expects an immediate it to begin an orderly suspension of its facilitation of transfers of digital payment token assets between BAS and Binance, the regulator added.