CoinPip shuts down operations in Singapore

CoinPip, a crypto payment provider, has shut down its operation despite reporting growth potential following the launch of its crypto-to-fiat system. The firm has suspended operations from February 11 until further notice, indicating at this time that it will focus on reviewing license requirements under the Singapore Payment Services Act.

CoinPipe noted:

We will not be taking anymore new transactions from now till 11th February, but will be completing pending transactions until further notice. For support, please email [email protected]. 

CoinPip allowed users to purchase, sell and use crypto as payment for remittances. It helped businesses by sending money to their employees, freelancers and contractors across the globe. It was designed to ease regular payout and salary remittances while avoiding bank transfer fees and forex charges.

Before shutting down, the company was working on launching several projects. CoinPip’s shutdown comes as the Monetary Authority of Singapore (MAS) is updating its regulatory framework for crypto-related activities, including digital payments. The Payment Services Act covers all crypto institutions and exchanges based in Singapore, bringing CoinPip and other similar firms under anti-money laundering and counterterrorist-financing rules.

As such, CoinPip and other Singaporean crypto firms were required first to register and then obtain a license to operate in the nation. With Singapore re-shaping its regulation, few crypto providers did not have a choice but to suspend operations.