SINGAPORE (BLOOMBERG) - Cryptocurrency exchange Binance said on Sunday (Sept 5) that it will stop offering some products in Singapore after regulators said earlier in the week that it may be in breach of the country's Payment Services Act.
Binance said in a blog post that it would be ceasing Singapore dollar trading pairs and payment options, as well as removing the app from Singapore iOS and Google Play stores as of Friday.
Users have been advised to complete all related peer-to-peer trades and remove related trade advertisements by Thursday "to avoid potential trading 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."
This move affects Binance.com - there have been no service changes on Binance.sg, the Singapore entity, a Binance representative said.
Binance Asia Services, which operates Binance.sg, recently submitted a licence application and is currently exempted from holding a licence for the provision of digital payment token services, according to the Monetary Authority of Singapore (MAS). That application remains under review.
The MAS said on Sept 2 that Binance may be in breach of the Act for carrying on the business of providing payment services to, and soliciting such business from, Singapore residents without an appropriate licence. As a result, it was required to cease providing payment services to Singapore residents.
Binance also said on Sunday that it is not operating any official Telegram or online communication channels in Singapore and that it is committed to working constructively in policymaking "that seeks to benefit every user".