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Binance Suspends Operations in Singapore amid Crackdown on Crypto Assets


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Binance, the world’s largest cryptocurrency trader, announced that it will cease several operations in Singapore following the investor alert issued last week by the Monetary Authority of Singapore (MAS).

In a statement, Binance said that as of next Friday it will stop offering buying and selling and payment options through the Singapore dollar and will remove its app from Apple and Google download platforms in the city-state.

Binance advises its users, in a statement posted Sunday on its official portal, to “complete all transactions and remove all related trade advertisements by Thursday to avoid potential trade disputes.”

Last week, the MAS placed the digital currency exchange platform on its list of investor alerts by noting that Binance is not officially recognized by the agency.

In response, Binance remarked in its statement that it is committed “to working constructively on formulating policies that seek to benefit all users” with the goal of “creating a sustainable ecosystem around blockchain technology and digital assets.”

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This decision by the Singapore Monetary Authority comes a month after Malaysia ordered Binance to cease the activity of its website and mobile apps in the country as an illegal digital asset exchange and after also placing it on its blacklist for investors.

Regulators in different countries have increased pressure on Binance in recent months. Founded in 2017, Binance is the largest cryptocurrency trader by transaction volume, reaching billions of dollars a day.