- Briefing Your roundup of Asian tech and startup news that matter
Deepti Sri · · 1 min readBinance to restrict Singapore services on global crypto platform
“Embattled Binance, one of the world’s largest cryptocurrency exchanges, said it will restrict its services in Singapore days after the city state’s central bank said it should stop offering payment services,” Reuters reported.
Details:
- The cryptocurrency exchange said it will stop providing payment options and trading pairs for the Singapore dollar through Binance.com from September 10 onwards. The crypto exchange’s international app will also be removed from app stores in the city-state.
- However, Changpeng Zhao, Binance’s CEO, said the restrictions will only apply on the global platform and has urged users in the country to switch to the firm’s Singapore platform.
Dive deeper:
- Last week, the exchange was included in a list of 699 companies that may have given investors the false impression that they were regulated or licensed by the Monetary Authority of Singapore. (Read: Why angry investors are trying to sue Binance)
- The company has also appointed former Facebook executive Gwendolyn Regina to lead the investments of its US$100 million Binance Smart Chain fund.
Editing by Collin Furtado and Arpit Nayak
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
