The Monetary Authority of Singapore (MAS) has just issued an investor alert on cryptocurrency exchange Binance.com on the evening of 2nd September, Thursday, for potentially breaching the Payment Services Act.
Binance.com and its operator Binance were providing payment services and soliciting business from Singaporean residents without the appropriate license, leading to the regulator placing them on the Investor Alert List. The list serves as an indication that Binance isn’t licensed or regulated by the MAS.
“Binance is required to cease providing payment services which are regulated under the Payment Services Act to Singapore residents and cease soliciting such business from Singapore residents,” a MAS spokesperson said to the media.
The spokesperson also added that the MAS has been engaging with Binance Asia Services (BAS) and expects them to begin suspending their digital payment services. BAS, which operates Binance.sg, has clarified that they are a separate legal entity from Binance.com and does not offer any products or services via Binance.com.
BAS has submitted a license and is currently exempt from holding a license for the provision of digital payment token services under the Payment Services Act.
Binance.com has also put out a separate statement, reiterating that they take a “collaborative approach in working with regulators” and will be working closely with MAS and other regulators to comply with the relevant regulatory standards.
Image credit: Executium
This move adds to the growing list of scrutiny the world’s largest crypto exchange has faced from regulators since its debut in 2017.
In July 2021, Malaysia ordered Binance to stop all operations within the next 14 days, including restricting Malaysian investors from accessing their Telegram group. This ban happened after the country added the exchange to their list of unauthorised entities a year ago in July 2020.
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Cover image adapted from: Executium
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