The financial regulator in Singapore has issued a warning to crypto investors in the country that Binance is on their list of unlicensed crypto exchanges in the country.
Binance on the MAS Alert List
A report from Bloomberg revealed that the Monetary Authority of Singapore listed Binance among the crypto exchanges that are not licensed to provide payment services for the citizens of the country. Continual provision of payment services in the country will means a breach of the country’s payment services act.
Also, the Investor Alert List of the regulator has been updated on the official website. The essence of the list is to notify investors in the country of the crypto exchanges that are not licensed to provide whatever services they are offering in the country.
Currently, Binance is the largest crypto exchange globally per trading volume. The services of the firm are widespread all over the countries of the world. But the report from the Singaporean regulator states that every service offered to the residents is in breach of an act. Thereby the exchange should stop all its services offering.
However, it is worthy of mention that only the crypto exchange global website, Binance.com is on the regulator Investors’ Alert list. The locally listed website, Binance.sg, can still offer the services in the country under Binance Asia. Binance Asia has applied for a license in the country and is permitted to provide its services pending the approval of the application.
Binance will not be a pioneer in the world of exchanges receiving pressure from the Monetary Authority of Singapore over regulatory concerns. There have been quite several crypto exchanges in the past that have been cracked down over regulatory issues.
Binance has received a warning from countries like Italy, Malaysia, United Kingdom, and Hing Kong. Responding to this challenge, the exchange assured that it would comply with every regulatory agency to acquire a proper operating license.
Regulatory concerns have seen Binance made modifications to the services they provided. For instance, the abolition of stock tokens.
Performance of BTC
Currently, the price of BTC is hovering around $50,000 but has gained about 6% in the past seven days. Altogether, the digital asset has gained 30% over the past 30 days. After a downtrend lingered for few days, the asset rebounded to test the $50k price level. It is not certain that the token will sustain its momentum, but there are still signs that the bull run will be here for a while.