Binance halts support for Singapore dollar pairs following stern warning from local regulator


  • Binance faces further regulatory backlash from the Monetary Authority of Singapore.
  • Following a recent investor alert from the financial watchdog, Binance will halt support for Singapore dollar trading pairs.
  • The crypto exchange will also remove its mobile app from the app stores in the country. 

Leading cryptocurrency exchange Binance has decided to halt support for trading pairs in the Singapore dollar following the country’s financial watchdog’s investor alert indicating that the firm violated payment regulations.

Binance to remove support for SGD product offerings

The largest cryptocurrency exchange in terms of reported trading volumes will discontinue the offerings for trading pairs in the Singapore dollar (SGD) starting September 10. 

Users were advised to complete all peer-to-peer trades 24 hours ahead of the deadline as payment options in the local currency will also be removed from its website.

Binance announced that it will also delete its mobile application from the App Store and Google Play in Singapore. 

The cryptocurrency firm’s decision to stop supporting product offerings in SGD stems from a warning from the Monetary Authority of Singapore (MAS), which set forth that Binance may be violating the country’s Payment Services Act (PSA). 

Binance was revealed to be on the financial regulator’s investor alert list on September 1. The list suggests that the crypto firm is unregulated and “based on the information received by MAS, may have been wrongly perceived as being licensed or regulated by MAS.”

Singapore joins a growing list of countries around the world that have been cracking down on the leading cryptocurrency exchange. Jurisdictions including Japan, Germany, the United Kingdom and the Canadian province of Ontario suggest that Binance has failed to comply with local regulations.

The Financial Conduct Authority in the United Kingdom recently said that Binance complied with requirements. However, it also deemed that the exchange was “not capable” of being supervised as the firm failed to respond to basic questions.

In response to the increasing scrutiny from financial regulators around the world, Binance has stated that the firm will try to improve relations with regulators and to get licensed worldwide.

Binance Coin price unaffected by regulatory backlash

Binance Coin price has indicated resilience even after receiving a flurry of regulatory backlash. The exchange-based token has continued to trend upwards in an ascending parallel channel on the 4-hour chart.

BNB may look to retest the lower boundary of the prevailing chart pattern as support at $483, coinciding with the 50 four-hour Simple Moving Average (SMA). Only a break below this level would indicate weakness for Binance Coin price, but the coin may discover support at the 100 four-hour SMA at $480 should this be the case.

BNB

BNB/USDT 4-hour chart

Currently, Binance Coin price faces resistance at the 61.8% Fibonacci extension level at $507. Slicing above this level could mean bigger aspirations for the bulls, targeting the middle boundary of the parallel channel at $528. 

Should BNB be accompanied by a spike in buying volume, bullish investors could expect Binance Coin price to tag the topside trend line of the chart pattern, at $588, corresponding to the 78.6% Fibonacci extension level. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bank of America bullish comments on metaverse push Axie Infinity and Sandbox closer to breakout

Bank of America's strategist made bullish remarks about the metaverse, triggering a spike in interest in Axie Infinity and Sandbox tokens. The rices of the two metaverse tokens continue climbing with increased interest from investors. 

More Axie Infinity News

Polkadot price ready to breakout after DOT forms double bottom

Polkadot price began turning around and moving higher on November 28. It is currently resting on support after a brief pull-back, with the potential for using this floor as a launchpad higher. A resumption of the bullish impulse will provide fresh confirmation for the new uptrend.

More Polkadot News

Bitcoin Weekly Forecast: The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

More Bitcoin News

Berkshire Hathaway’s Charlie Munger wants US to ban cryptos like China

Charlie Munger considers cryptocurrencies bad for people and backs China on its cryptocurrency ban.In his previous interviews, Munger has shed light on the concept of “speculative excess” and “asymmetry of wealth.” 

More Cryptocurrencies News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP