A rollercoaster week for Binance

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Binance users in the Lion City were gripping their seats last week as they watched the Monetary Authority of Singapore (MAS) take aim at the cryptocurrency trading exchange. First, the regulator placed global platform Binance.com on an Investor Alert Watch list for providing payments services to the city-state’s residents without the relevant licenses. Then just a day later, MAS ordered Binance to stop offering payments services to Singapore residents.

At the time of writing, the embattled firm said that it will restrict its services in the country, ceasing to offer payment options and trading pairs in Singapore dollars from September 10.

The crypto exchange – one of the world’s largest, with tens of billions of US dollars flowing through it every day – has been fighting fires. Not only is Binance getting scrutiny from authorities in the UK, Japan, Hong Kong, and the US, but some disgruntled investors have also begun to take legal action against the company after trading snags on the platform in May.

In this week’s story, Derek Lim details how faulty tokens and trading glitches have caused hundreds of investors to sour on Binance.

— Melissa

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