Binance, Exchanges

Is Binance Legal in Singapore?

Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is now officially available in Singapore. The Malta-based company announced the launch of its Singapore platform on Friday, April 19, with support for Singaporean dollars (SGD) and the country’s major fiat currency, the Singapore dollar (SGD).

The move marks Binance’s first foray into the Southeast Asian market and comes just weeks after the firm announced plans to expand its operations into South Korea. Binance CEO Changpeng Zhao said at the time that the company was looking at a number of Southeast Asian countries as potential expansion markets.

“Southeast Asia is one of the fastest-growing regions for cryptocurrency adoption, with a young and tech-savvy population that is eager to explore new products and services,” Zhao said in a statement. “We are excited to bring our world-class trading platform and experience to Singapore, and we look forward to playing a role in supporting the growth of the local blockchain ecosystem.”

Binance first announced plans to open a Singapore-based exchange back in September 2018, but regulatory hurdles delayed the launch. The exchange is now live, but only for “select users” at this stage.

A full public launch is expected “in the coming weeks.”.

The move into Singapore comes as Binance faces increasing scrutiny from regulators around the world. The U.

S. Securities and Exchange Commission (SEC) has been ramping up its efforts to crack down on unregistered securities exchanges, and Binance has been squarely in its sights.

In March, the SEC sent a subpoena to Binance seeking information on its U.S.-based operations.

The agency is reportedly investigating whether Binance allowed Americans to trade digital assets that should have been registered as securities. Binance has denied any wrongdoing.

The SEC isn’t the only regulator keeping tabs on Binance. The Malta Financial Services Authority (MFSA) has also been investigating the exchange over possible money laundering violations.

MFSA chief Joseph Cuschieri said in February that his agency was “gathering intelligence” on Binance and other cryptocurrency exchanges operating in Malta.

Despite regulatory challenges, Binance has continued to expand its operations at a rapid pace. In addition to launching its Singapore exchange, the company has also launched a crypto-fiat exchange in Jersey, a British Crown dependency off the coast of France.

The Jersey exchange allows users to trade pounds sterling and euros for a variety of popular cryptocurrencies, including bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).

Binance is also gearing up to launch its own decentralized exchange (DEX), which will run on its own native blockchain platform, Binance Chain. The DEX is currently in testing and is expected to launch later this year.

When it does go live, it will allow users to trade cryptocurrencies without having to entrust their funds to a centralized exchange like Binance itself.

So is Binance legal in Singapore? Yes, but there are regulatory hurdles that the company is facing in other parts of the world that could impact its operations down the line.

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