The Monetary Authority of Singapore (MAS) said in a statement, “MAS is considering operating Binance.com, and Binance, the operator of Binance.com, may be in violation of the Payment Services Act. I’m thinking. ”
“Binance is required to stop providing payment services to Singapore residents and to stop soliciting such businesses from Singapore residents,” MAS added.
Due to concerns about the use of cryptography in money laundering and risks to consumers, Binance is being monitored by regulators around the world.
MAS has also posted Binance.com on the Investor Alert List to warn local consumers that they are not allowed to offer payment services in Singapore.
Binance Asia Services (BAS), another entity that operates Binance.sg, has submitted a license application to the central bank.
Currently, we are exempt from holding a license to provide Digital Payment Token Services under a provisional arrangement.