Singapore’s financial regulator has added Binance to the investor alert list, signifying that the crypto exchange is unlicensed to provide payment services in the nation.
The Monetary Authority Of Singapore Adds Crypto Exchange Binance To The Investor Alert List
As per a report from Bloomberg, the Monetary Authority of Singapore says Binance doesn’t have a license to provide payment services to the residents of the country. According to the financial regulator, the exchange may be in breach of the payment services act.
The regulator has thus added the crypto exchange to the investor alert list, as per the website. The list’s purpose is to warn residents against firms that don’t have any license to provide payment services.
Binance is currently the largest cryptocurrency exchange in the world by trading volume. The firm provides services in countries all over the world.
The crypto exchange can longer provide the services in breach to Singapore residents, and must cease soliciting such business, reads the report.
It should be noted that only the global website of the crypto exchange, Binance.com, has been added to the list. Binance.sg can operate normally as it’s under Binance Asia Services. This branch has already applied for a license, and has since been allowed to provide payment services without a license till the application goes through.
This isn’t the first time financial regulators have piled pressure on the firm. Over the past few months, regulators around the world have cracked down on the exchange, citing regulation concerns.
Countries that have warned the company include the likes of UK, Italy, Hong Kong, and Malaysia. In response to these regulatory challenges, the crypto exchange announced that it will work with authorities to get proper licenses.
Binance has also made many changes to their services in various regions to be in line with regulation. One of these modifications included an abolition of the stock tokens.
At the time of writing, BTC’s price floats around $50k, up 6% in the last 7 days. Over the past month, the crypto has gained 30% in value.
The below chart shows the trends in the price of the coin over the last three months:
Bitcoin's price shoots straight up | Source: BTCUSD on TradingView
After showing a downtrend over the past few days, BTC has quickly rebounded as the cryptocurrency once again tests $50k.
As the stablecoins reserve hit a new ATH just recently, there is a lot of dry powder in store for Bitcoin. It’s not set in stone if the coin can keep this momentum up, but signs seem to be bullish.
Featured image from Unsplash.com, chart TradingView.com