Singapore accuses Binance of violating local payments law

by in Cryptocurrency News

Singapore

Binance has announced a cut in SGD product offerings in Singapore. According to the official statement, the decision of the trading platform is related to the inclusion of Binance in the list of sites that violated the local law "On payments".

So, according to yesterday's message, starting September 9, Binance users from Singapore will no longer be able to buy and sell digital assets with the Singapore dollar, better known in the world of virtual money as SGD.

These innovations are a consequence of the recent decision of the Singapore financial regulator, which, to protect local crypto investors from possible losses, added Binance to the list of exchanges that do not comply with some clauses of the Payments Law.

Trending: SEC chief thinks bitcoin threatens US financial sector

In this context, it is also worth highlighting the moment that on September 9, Apple and Google Play stores will remove the Binance app. That will make it impossible for users from Singapore to conduct any trades through their smartphones.

We previously reported that ETH was more in demand than BTC among Singaporean investors.