Key Sentence:
- Under the control of billionaire Changpeng Zhao – he said he would shut down some of its services in Singapore.
- After regulators declare last week that the world’s largest cryptocurrency exchange could violate rules in the city-state.
“Chanpeng Zhao Binance continues to evaluate its products and services for compliance with local regulations,” said a statement on its website on Sunday.
The Chanpeng Zhao company announced it would stop offering dollar trading pairs in Singapore and payment options starting Friday. Apps for these products will be removed from the Apple store and Google Play. “Consumers are advised to complete all related peer-to-peer transactions and remove related ads by Thursday to avoid potential trade disputes,” he said.
“Our goal is to create unique a sustainable ecosystem around blockchain technology and digital assets,” the company said. “Binance welcomes the evolution of our industry regulatory framework. As it provides an opportunity for market participants to better collaborate with regulators. We strive to work constructively on the development of guidelines that every user can benefit from. “
Binance and other cryptocurrency players are facing increased regulatory scrutiny around the world.
For example, on September 2, the Monetary Authority of Singapore announced. That the company might have violated the Payment Services Act to provide payment services and conduct business from Singaporeans without a permit.
We are emphasizing Singapore’s growing importance to cryptocurrency exchanges, Binance Asia Services. Which operates Binance. sg, recently applied for a license under the Payment Services Act, according to MAS. The application is currently under review.
Last month, Binance appointed former Singapore Stock Exchange CEO Richard Teng as CEO of its Singapore subsidiary. “We are delighted that Richard is leading the Binance Singapore team in securing more strategic partnerships. Driving innovation, and strengthening the local cryptocurrency ecosystem in Singapore,” said Zhao, Founder and CEO of Binance.