(Bloomberg) — Singapore’s financial regulator said Binance may be in breach of the payment services act for providing payment services to, and soliciting business from local residents, without an appropriate license.
As Binance didn’t apply for a license under local law, the Monetary Authority of Singapore has listed Binance.com on the investor alert list. The list warns consumers that Binance isn’t regulated or licensed to provide any payment services in the city state, it said in response to questions from Bloomberg.
Binance is required to stop providing payment services to Singapore residents and cease soliciting such business, it said.
Only Binance Asia Services, which operates Binance.sg, has submitted a license application, and is currently exempted from holding a license for the provision of digital payment token services, MAS said.
Representatives for Binance didn’t immediately respond to a request seeking comment.
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