Binance had previously stopped serving derivatives services in Singapore but today, they are pulling out of Singapore entirely. MAS (Monetary Authority of Singapore) has announced that Binance cryptocurrency exchange has been put on its investor alert list.
Binance exchange has been informed that Binance.com is not licensed and authorized by MAS to provide services to Singaporean citizens. This is a part of country’s Payment Services Act.
This has not affected only Binance but also many other cryptocurrency exchanges. But Binance being the biggest crypto exchange in world, has had a negative effect on Bitcoin and other cryptocurrencies.
That said, Binance has made it clear that Binance.com is not a part of Binance Asia Services Pte Ltd, the company that handles Binance’s Singapore operations. This is, as of now, exempted from holding license under Payment Services Act.
All assets you have with Binance.com cryptocurrency exchange are not protected / supervised by Monetary Authority of Singapore.
This is not good news for cryptocurrencies and crypto exchanges around the world. Singapore is usually at forefront of adopting new technologies and with Singapore putting restrictions on big cryptocurrency exchanges, more countries are expected to follow suit, which can be disastrous.