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Binance services stopped in Singapore due to the latest crypto hit

Binance Holdings Ltd receives orders to halt its operations in Singapore in the latest crypto hit.

Crypto Hit
Photo By "The Premium Times, Nigeria"

Binance Holdings Ltd needs to stop offering services in Singapore. It had breached its local payment rules, which are adding up to a list of jurisdictions scrutinizing in their portfolio. Binnacle may have breached the Payment Services Act to offer payment services to businesses in Singapore. This is causing them to receive an order to halt their function in the country amidst the crypto hit.

Finance did not apply for a license under local law. MAS has included Binance.com in the list of investor alerts. It warns consumers that it is not at all a company with proper licensing which can offer local payment services.

The warning of the Singapore relocators is marking the latest blow for Binance. It is growing quickly since its debut in 2017. Binance has also drawn scrutiny from the regulators of the US, UK, Japan, Malaysia, and Thailand. But some crypto bulls say that tougher frameworks are a sign of market maturity that offers better protection to investors.

Binance Holdings works globally, has its local affiliates in some countries like Singapore, UK, US. Finance Asia Services, on the other hand, operates BAS, recently came up with a license application. It is currently facing exemption from holding a license for the provision of digital payment token services.

The operation of this company in Singapore is more like a separate legal entity from Binance.com. It has its own local executive and team of management. They do not offer any products or services through the Binance.com website or any other related entities. This entity has earned S$645291 in its revenue from the financial year of March 2020.

Singapore is not the first country who is taking action against Binance. The UK and Japan have also banned this exchange.

MAS is engaging with BAS and expects this firm to begin an orderly suspension for its transferring of digital payment token assets. The Singapore unit will inform its customers about the appropriate arrangements.

Binance CEO Zhao Changpeng resides in Singapore and is a major shareholder for BAS. The company recently hired Richard Teng, who spent two decades in MAS, to lead its Singapore entity.

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