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Finance

Binance Cuts SGD Trading Pairs Following Warning From Singapore Regulators

Last Thursday, Singapore issued an investor alert. This Friday, Binance will end payment options in the local currency.

By Kevin Reynolds
AccessTimeIconSep 5, 2021 at 4:13 p.m. UTC
Updated May 11, 2023 at 5:54 p.m. UTC
Binance CEO Changpeng "CZ" Zhao (CoinDesk archives)
Binance CEO Changpeng "CZ" Zhao (CoinDesk archives)

Cryptocurrency exchange Binance is significantly curtailing its exposure to the Singapore crypto market.

Days after the Monetary Authority of Singapore said the company may be in violation of the country’s Payment Services Act, Binance said it is eliminating SGD trading pairs and payment options. It is also removing its app from iOS and Android marketplaces used by Singapore residents.

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    • The move is effective Friday, Sept. 10 at 04:00 UTC, Binance said.

    This past Thursday, Singapore became the latest country to take regulatory aim at the exchange, issuing an investor alert for Binance’s global website.

    Read more: Singapore Issues Investor Alert for Binance

    The exchange has been in regulators’ crosshairs all around the world in recent months, including in Japan and the U.K.

    Binance, which has been acting with rapidity to address regulator concerns, is currently awaiting the review of its application to operate in Singapore.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Kevin Reynolds
    Kevin Reynolds

    Kevin Reynolds is Editor in Chief at CoinDesk. He owns bitcoin, ether, polygon and solana.

    Follow @KReyofCoinDesk on Twitter