Binance forced to shut products in Singapore due to regulatory pressure

Karthik Subramanian

Binance, one of the largest crypto exchanges in the world that has been under a lot of regulatory scrutinies over the last few months, has intimated to its users in Singapore that it was planning to shut down certain products in its Singapore exchange.


This news comes following the intimation from the regulatory authorities in Singapore that the exchange may be found flouting some of the laws in the country. This gave out a message that the exchange needed to roll back its services in Singapore and hence it has now prompted its users that it will stop offering all crypto pairs that trade with the Singapore dollar and also all payment options related to the Singapore dollar would also be removed. It has also advised its users to remove any trade-related ads from their websites and other places to avoid any potential trading disputes.

The exchange has been under a lot of regulatory scrutinies and almost every week, it has been forced to suspend its operations in different countries due to the regulatory pressure. Just last week, it had to shut down its operations in Norway due to the same reason. But as far as Singapore is concerned, it seems to be in a better position. It has recently applied for a license with the Monetary Authority of Singapore under the Payment Services Act, the same Act that it was noted to be breaching, as of last week by the MAS.

The exchange had also appointed a new CEO from Singapore, Richard Teng, for its Singapore arm and it is expected that he would be more in line with the regulatory requirements of the country and would be able to tide over the problems that the exchange is facing in Singapore in due course of time.

It is not only Binance but several old crypto exchanges that started and grew across the world when crypto regulations were scant are now facing the music as the regulators seem to have woken up to the potential of cryptos and have started scrutinizing these exchanges under various existing laws and are also looking to see whether any new laws need to be made to regulate such entities in the future. The exchange to face the brunt has been Binance which has been forced to either comply with new regulators or shut down its operations in many countries including Malaysia, Hong Kong, Britain, Italy, Norway, and others as well.

Read this next

Digital Assets

Celsius to repay +70% of custody account holders’ claims

A New York bankruptcy judge today approved a deal struck between troubled crypto lender Celsius Network and its “custody account holders” that will allow them to begin immediate withdrawals of 72.5% of their claims.

Retail FX

eToro revenue halves in 2022, valuation drops to $3.5 billion

Israeli social trading network eToro today reported financial results for the financial year ended December 31, 2022.


Investors transfers $424 million out of bitcoin funds in six weeks

Despite bitcoin’s decent surge last week, which took the primary cryptocurrency up 70% from the year’s low, digital asset investment products saw outflows for the 6th consecutive week.

Digital Assets

OKX has $9 billion in ‘clean assets’, shows latest proof of reserves

OKX, formerly known as OKEx, has released its fifth proof-of-reserves report amid increasing demand of crypto investors asking for transparency from exchanges they trade with.

Digital Assets

Circle seeks France license to launch Euro stablecoin

Circle, the issuer of the second-largest stablecoin by market capitalization, is seeking to get a dual registration in France as it aims to on-shore its flagship product for the European market – EUROC – a reserve-backed stablecoin.

Digital Assets Among Minority of Successful Companies to Renew Coveted Estonian License has successfully renewed its virtual currency service license from Estonia’s FIU for the third year in a row, despite regulatory changes that have made it harder for virtual asset providers to meet the required standards.

Inside View, Institutional FX

Time for brokers to add options trading as volumes explode on high volatility

“Usually, adding options to the typical CFDs and equities offering leads to fragmentation of the platform technology as many brokers will need additional back-end and front-end components, and that could be an important barrier for them. Apart from that, legal hassle and costs associated with proper licensing of market data could be a barrier at first. We are seeing this trend among market data vendors and exchanges to make it easier and more affordable.”

Metaverse Gaming NFT

GCEX’s DeFi education and prime brokerage offering available in DubaiVerse

“We are excited to be part of the developments of The Sandbox and to join other top players in the region, including our regulator, Dubai’s Virtual Asset Regulatory Authority (VARA), as part of the DubaiVerse. This is a great opportunity to bridge the gap between Web3 early adopters and GCEX clients, building a community around Web3 and digital assets.”

Digital Assets

Circle wants Fed to back USDC stablecoin after “very serious stress test” with collapse of SVB

The collapse of Silicon Valley Bank allegedly proves Circle’s point that there is a need for its USDC stablecoin to be backed by the U.S. Federal Reserve with its U.S. dollars held at the Fed.