Leading cryptocurrency exchange, Binance is under the radar of Singapore’s financial regulator who claims the exchange may be in breach of the Payment Services Act.
The country claims Binance has been providing payment services and soliciting business from local residents without an appropriate license.
As a result, the Singaporean authorities added Binance.com to the Investor Alert List list of 699 companies on the official website the Monetary Authority of Singapore (MAS) for failing to apply for a license under local law.
“The Investor Alert List provides a list of unregulated persons who, based on information received by MAS, may have been wrongly perceived as being licensed or regulated by MAS. This list is not exhaustive and is based on what was known to MAS at the time of publication,” the website reads.
MAS said only Binance Asia Services (Binance.sg) has submitted a license application and is not required to a held license to provide digital payment token services. In response to the claim, Binance.com is expected to stop providing payment services to Singapore residents and quit soliciting such businesses.
Binance.com is not backing down as it states in a separate statement that it is actively working with the Monetary Authority of Singapore to address concerns that they may have through constructive dialog and is taking a collaborative approach to the whole situation
Reiterating its commitment to working with regulators, Binance.com said the company takes its compliance obligations very seriously and is actively keeping abreast of changing policies, rules, and laws in this new space.
The current MAS regulatory policies do not dampen the country’s crypto-friendly nature.
A recent report confirmed that Singapore’s largest bank, DBS Bank, has announced the launch of its fiat-to-crypto exchange named DBS Digital Exchange. The bank made the announcement stating that the trading platform has acquired an operational license from the Monetary Authority of Singapore (MAS) for the exchange.
FCA Clears Binance
Meanwhile, as Binance continues to face regulatory backlash from global regulators, the United Kingdom Financial Conduct Authority (FCA) recently said that the company has now complied with all its imposed requirements.