Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is no longer allowed to operate in Singapore. The Monetary Authority of Singapore (MAS) has issued a warning to investors to beware of the risks associated with trading on the platform.
The MAS has been monitoring the platform closely and is concerned about the way it is being operated. Binance has been allowing users to trade cryptocurrencies without a license from the MAS.
The MAS is also concerned about the way Binance has been marketing itself to Singaporeans.
The MAS is warning investors that they could lose all their money if they trade on Binance. The MAS is also warning that Binance may be violating anti-money laundering and countering the financing of terrorism regulations.
The MAS has ordered Binance to cease operating in Singapore. The order was issued on 14 March 2018.
NOTE: This is a warning to all users in Singapore that the use of Binance is now banned. Binance is a cryptocurrency exchange and has been blocked in Singapore due to regulatory reasons. Any person or entity found using or offering services with Binance will be subject to legal action from the local authorities. All users are advised to cease using or offering services with Binance immediately.
Binance has until 21 March 2018 to comply with the order.
Binance is a digital asset exchange that was founded in China in 2017. The company later relocated its headquarters to Tokyo, Japan.
In 2018, the company relocated again, this time to Malta. Binance is one of the most popular cryptocurrency exchanges in the world and has a daily trading volume of over $1 billion.
The decision by the MAS to ban Binance from operating in Singapore is a major blow to the company. The move will likely cause many users to abandon the platform and switch to other exchanges.
This could lead to a decrease in trading volume and a loss of revenue for Binance.
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