Binance, the world’s largest cryptocurrency exchange by trading volume, has been “banned” in Singapore.
The Monetary Authority of Singapore (MAS) released a statement on Monday (19 March) saying that it has issued “warning letters” to eight cryptocurrency exchanges, including Binance, for not being licensed by the MAS.
The MAS clarified that the exchanges have not been banned and are still allowed to operate in Singapore, but they have been told to “cease their activities immediately”.
Binance has been operating in Singapore since September 2019, but it does not have a license from the MAS. The MAS requires all cryptocurrency exchanges operating in Singapore to be licensed.
NOTE: WARNING: Binance has not been officially banned in Singapore. However, it is important to note that cryptocurrency exchanges are not regulated in Singapore and that there is no legal protection for users. Therefore, it is strongly recommended that users exercise caution when trading on Binance and only use it at their own risk.
In its statement, the MAS said that it will continue to monitor the situation and take “supervisory actions” if necessary.
It is still unclear if Binance will be able to continue operating in Singapore without a license from the MAS. The MAS has not said if it will take any further action against Binance or other unlicensed exchanges.
The MAS’s statement comes just days after Binance announced that it was setting up a new crypto exchange in Singapore. Binance CEO Changpeng Zhao (CZ) said on Twitter that the new exchange, called Binance Singapore, would be “fully compliant” with MAS regulations.
CZ also said that Binance is “engaged in constructive dialogue” with the MAS and is “committed to working closely with regulators around the world”.
It is not clear if the new exchange will be able to operate without a license from the MAS. Binance has not responded to requests for comment on this matter.
8 Related Question Answers Found
Yes, you can use Binance in Singapore. The process is fairly simple and straightforward. First, you will need to create an account on Binance.
Binance, the world’s largest cryptocurrency exchange by trading volume, is set to open a office in Singapore. The move comes as the company looks to expand its presence in Asia. The Singapore office will be Binance’s first in Southeast Asia and will be headed by Wei Zhou, the company’s chief financial officer.
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