dditionally, no user will be able to purchase cryptocurrencies through fiat channels and liquid swaps.
The development comes after Binance made further changes to comply with the Monetary Authority of Singapore [MAS], by ceasing all related trades. Now, Binance has asked its Singapore users to withdraw fiat assets and redeem tokens by Wednesday, 26 October, 04:00 AM UTC to avoid potential trading disputes.
Mai devreme lună, the country’s central bank had ordered Binance to stop soliciting trades for Singapore’s resident customers. Following this, the exchange had stopped offering SGD trading pairs and payment options. It had also withdrawn its app from the iOS and Google Play Store in the country.
Represiunea vine în timp ce Singapore consideră că Binance se află încălcare of the country’s Payment Services Act. Following this, the exchange platform was placed on the central bank’s Investor Alert List. Ergo, Binance’s peer-to-peer [P2P] trading had also come to a halt. However, it is noteworthy that Binance.com and its Singapore entity are separate entities. Binance had clarified that,
“Binance Singapore (Binance. sg) is a separate legal entity from Binance.com with its local executive and management team and does not offer any products or services via the Binance.com website or other related entities, and vice versa.”
Între timp, CEO Changpeng Zhao a declarat anterior că unitatea din Singapore a Binance sub Binance Asia Services was working with the local authorities to obtain a license under the Payment Services Act (PAS). Currently, its application was being revizuite.
Legea privind serviciile de plată (PSA) reglementează sectorul criptografic din țară. Platformele criptografice din Singapore trebuie, de asemenea, să adere la liniile directoare împotriva spălării banilor și controfinanțării terorismului (AML / CFT). Deși există reglementări în vigoare, poziția țării a fost proactivă și favorabilă pentru întreprinderile din sectorul cripto. Mai mult decât atât, se așteaptă ca cel mai recent curs de acțiune al Chinei de a interzice criptomonedele să împingă mai multe companii Singapore.
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