SINGAPORE - The Monetary Authority of Singapore (MAS) has ordered Binance to stop providing payment services in Singapore and to cease soliciting business from Singapore residents.
The regulator has reviewed Binance.com’s operations and is of the view that the website’s operator Binance “may be in breach of the Payment Services Act for carrying on the business of providing payment services to, and soliciting such business from Singapore residents without an appropriate licence”, said a spokesman in response to media queries.
MAS also placed Binance.com on its Investor Alert List on Thursday (Sept 2) to warn consumers in Singapore that Binance is not regulated or licensed in Singapore to provide any payment services.
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