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

Retail FX

Weekly Roundup: Funded Trader closure, Coinbase adds Apple Pay

Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.


Presale Rush: BlockDAG Outshines Furrever Token and DeeStream Presales with 20,000x ROI Potential, Raising Over $16.4M

Discover April 2024’s presale hits, as BlockDAG, Furrever Token, and DeeStream Presales battle it out. Which will explode in 2024?

Digital Assets

Shakeeb Ahmed gets three-year sentence for hacking Nirvana, Crema

A New York court has sentenced computer security engineer Shakeeb Ahmed to three years in prison for conducting flash loan attacks on decentralized cryptocurrency exchanges in 2022, marking the first-ever conviction for a breach involving smart contracts.

Digital Assets

TON Foundation teams up with HashKey on fiat access for Telegram Wallet

The TON Foundation, a collective of developers behind The Open Network (TON) blockchain, has entered into a strategic partnership with digital asset financial services firm HashKey Group.


BlockDAG aka Kaspa’s Toughest Competitor Releases DAGpaper, Lightes Up The Las Vegas Sphere Pulling Shiba Inu Investors & Amassing $16.4M in Presale

BlockDAG, emerging as a Kaspa competitor, unveils its DAGpaper, spotlighting the Las Vegas Sphere and captivating Shiba Inu investors with a $16.4M presale success.

Fundamental Analysis

Global FX Market Summary: USD, ECB, Gold, Oil  April 12 ,2024

A strong US economy, cautious Fed policy compared to Europe, and safe-haven demand are all fueling the surge of the US Dollar.

Digital Assets

Thai crypto exchange Bitkub eyes $3 billion valuation

Thailand’s largest cryptocurrency exchange Bitkub is gearing up for a public offering next year with a potential valuation of up to $3 billion, according to Bitkub Capital Group CEO Jirayut Srupsrisopa.

Technical Analysis

GBPUSD Technical Analysis Report 12 April, 2024

GBPUSD currency pair can be expected to all further toward the next support level 1.2400, target price for the completion of the active minor impulse wave.

Market News

Navigating Currency Trends: Extensive Analysis on EUR/USD Signal

Traders Union provides comprehensive daily analysis and signals for EUR/USD.