MAS' halt of Binance.com's payment services in S'pore a necessary step, say industry observers

Binance may be in breach of the Payment Services Act for carrying out payment services and soliciting such business from Singapore residents without an appropriate licence.
Binance may be in breach of the Payment Services Act for carrying out payment services and soliciting such business from Singapore residents without an appropriate licence.PHOTO: REUTERS

SINGAPORE - The decision to stop Binance.com operating payment services here is a necessary step, given the scrutiny the cryptocurrency exchange has faced globally, industry observers said.

The Monetary Authority of Singapore (MAS) said on Thursday (Sept 2) that Binance, the operator of Binance.com, has been put on the Investor Alert List.

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