Binance, managed by Changpeng Zhao of Billionaire, said some of its services in Singapore after regulators announced last week that the world’s largest crypto exchange may have violated city-state rules. He said he would stop offering it.
“Binance constantly evaluates the delivery of our products and services and maintains compliance with local regulations,” Binance said in a statement on its website on Sunday.
The company said it will stop offering Singapore dollar trading pairs and payment options from Friday and that apps for these products will be removed from the Apple and Google Play stores. “Users are advised to complete all relevant peer-to-peer transactions and remove related transaction ads by Thursday to avoid potential transaction disputes,” he said.
Binance said it does not operate official Telegram or other online communication channels in Singapore.
“Our goal is to build a sustainable ecosystem around blockchain technology and digital assets,” the company said. “Binance welcomes the development of the industry’s regulatory framework as it provides market players with the opportunity to work more strongly with regulatory agencies. We are in policymaking aimed at benefiting all users. I promise to work constructively. “
Binance and other crypto players are increasingly facing regulatory oversight around the world. On September 2, the Monetary Authority of Singapore stated that the company may have violated payment services laws by providing payment services to Singapore residents without a proper license and soliciting such businesses. rice field.
Emphasizing Singapore’s growing importance in cryptocurrency exchange, Binance Asia Services, which operates Binance.sg, recently filed a license application under the Payment Services Act, according to MAS. The application is currently under review.
Last month, Binance appointed Richard Teng, a former executive of the Stock Exchange of Singapore, as CEO of an affiliate of Singapore. Zhao, founder and CEO of Binance, said in a statement, “Richard can lead the Binance Singapore team to secure more strategic partnerships, drive innovation and promote Singapore’s local crypto ecosystem. I’m happy. ”
With net worth of $ 1.9 billion, Zhao was ranked 22nd on Singapore’s list of 50 wealthiest people released last month. A Chinese-Canadian coder who has lived in a city-state since 2019 has clenched his teeth to build a high-frequency trading system for Wall Street flashboys. According to CoinGecko, Binance will reach $ 2 trillion in total trading volume in 2020, and Binance Coin is currently the fourth largest cryptocurrency in the world by market capitalization.