Cryptocurrency exchange Binance said on Sunday that it will stop offering some products in Singapore after regulators said earlier in the week that the company may be in breach of the country’s Payment Services Act.
Binance said in a blog post that it would be ceasing Singapore dollar trading pairs and payment options, as well as removing the app from Singapore iOs and Google Play stores as of Friday. Users have been advised to complete all related peer-to-peer trades and remove related trade advertisements by Thursday “to avoid potential trading disputes.”
“Consumer protection is important to all of us,” Binance.com said in a statement. “We are ready to assist regulators from around the world and together find the optimal way to set a fair playing field.”