Binance asks users to remove trade ads after MAS order to halt payment services in SG

share on

twitter /
facebook /
linkedin /
- email
- telegram
- whatsapp
- wechat
- pinterest
- line
- snapchat
- reddit

Cryptocurrency exchange Binance is removing its app from Singapore iOS and Google Play stores and has urged users to remove related trade ads by 9 September to avoid potential trading disputes. This came shortly after the Monetary Authority of Singapore (MAS) ordered Binance to stop providing payment services in Singapore, multiple media reports including The Straits Times, The Business Times, and Channel NewsAsia said. Binance also clarified in a website announcement that it is not operating any official Telegram or online communication channels in Singapore.

"Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators," the company said. It also reaffirmed its commitment to working constructively in policy-making that seeks to benefit every user.

On 2 September, MAS placed Binance on its Investor Alert List to warn consumers that the company is not licenced or regulated by MAS to provide payment services in Singapore. The alert list, which currently has 699 companies listed, shows firms that are not licenced by MAS but might have given investors the impression that they were regulated by the MAS. According to multiple media reports, MAS found that Binance might be "in breach of the Payment Services Act" for continuing to offer payment services to, and "soliciting such business from Singaporean residents without an appropriate licence".

Quoting MAS' spokesperson, ST reported that the authority has been liaising with Binance's local arm, Binance Asia Services, and expects the latter to instantly commence "an orderly suspension" of its facilitation of transfers of digital payment token assets between the company and the parent firm. MARKETING-INTERACTIVE has reached out to Binance for comment.

Just last month, Binance also had its product offerings restricted in Malaysia and ceased products and offerings including P2P merchant applications. It also asked users to remove related trade ads by 13 August. Meanwhile, ST reported that Hong Kong's and Japan's financial regulators also warned consumers about Binance, stating that it is not registered to conduct business within the country. At the same time, Binance Markets, the company's British unit, was also banned in June this year from carrying out regulated business in the country.

Join our Digital Marketing Asia conference happening from 9 November 2021 - 25 November 2021 to learn about the upcoming trends and technologies in the world of digital. Check out the agenda here.

Power up your PR and communications efforts today with MARKETING-INTERACTIVE's PR Asia Week on 1 and 2 December. Learn ways to build an evidence-based practice, up the ante on your strategies, and be head and shoulders above your competition. Click here to register today!

Photo courtesy: 123RF

share on