September certainly started hot for the world’s largest brokerage, which saw Singapore put “Binance.com” on an investor watch list on the last day.
After a day, it was your turn South Africa Report it Binance Group should end its activities in the countryWhere there is no license to operate the site. And to give you an idea, even a Telegram group should be shut down, because the brokerage was illegally giving buy and sell recommendations.
a Binance, in turn, responded quickly to the new warnings issued by two financial regulators from countries and Forced withdrawal date in one of them.
In Singapore, Binance imposes a deadline for withdrawals in local currency for its customers
In recent days, clients of Binance Singapore have received news about the broker being recently included in the watch list of the local regulator.
Without going into too much detail, the The Monetary Authority of Singapore (MAS) has issued an alert To the brokerage Binance last Wednesday (1), after receiving information about its operation in the country.
This new recommendation from an Asian country put more pressure on the mediator in the region, which recently saw Malaysia orders its residents to carry out looting of coins on that platform.
The world’s largest stock exchange is under increasing pressure
Binance quickly responded to the recommendations of Singapore and Customers will have until September 10 to make withdrawals In Singapore dollars (SGD).
To make matters worse, all options trading and currency purchases will be removed on the 10th of this month.
In addition, broker apps on Google Play and Apple Store will be removed in the country, in an effort to prevent local residents from accessing the broker’s services.
“As Binance is constantly evaluating its product and service offerings to remain compliant with local regulations, we will be closing the following products and offerings in Singapore on Friday 10/09/2021.”
The CEO of Binance also commented that Binance.com is leaving the country, but Binance.sg should continue to function It is an independent organization and is awaiting approval from local regulations.
To clarify, Binance (http://Binance.com) does not operate in Singapore and will remove SGD pairs, etc. Binance Singapore (http://Binance.sg), an independent entity, operates in SG under the exemption while the PSA license application is being reviewed. “
to be clear, Binance (https://t.co/9rMMAmtCxH) does not work in Singapore, will remove SGD crosses, etc.
Binance Singapore (https://t.co/0JZxWrMZk8), an independent entity, operating in the SG under the exemption while going through the PSA license application.
– CZ 🔶 Binance (cz_binance) September 5, 2021
Binance Africa has responded to the local government’s accusations
Another country that issued a warning against Binance was South Africa, which ended up being answered by the broker on their Twitter profile.
in a noteThe broker said it is aware of the FSCA notice but does not operate a “Binance Group” in the Seychelles.
“We are aware of the notice published by FSCA South Africa on 3 September and can confirm that http://Binance.com does not provide financial advice or any intermediary services. Furthermore, we do not have an entity called ‘Binance Group’ in Seychelles.”
Thus, the warning issued by the African country about the broker’s operations can be confusing, as local scammers use the company’s image to collect money from unsuspecting people.
After recent cases in several countries, Binance’s quick response shows that the regulation is being analyzed by the broker with agility.
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