The central bank of Singapore declared yesterday that Binance may be in breach of local laws and advised it to stop offering payment services to residents of the country.
The Monetary Authority of Singapore (MAS) declared:
“MAS has reviewed Binance.com’s operations and is of the view that Binance, the operator of Binance.com, may be in breach of the Payment Services Act. Binance is required to cease providing payment services … to Singapore residents and cease soliciting such business from Singapore residents”
Binance is currently under attack by several regulators around the globe due to concerns over crypto being used for money laundering and risks to its users.
The MAS has also added Binance.com to its Investor Alert List in order to let local consumers know that the website hasn’t received permission to offer payment services in Singapore.