Singapore orders crypto exchange platform Binance.com to stop payment services

SINGAPORE (The Straits Times/Asia News Network): The Monetary Authority of Singapore (MAS) has ordered Binance to stop providing payment services in Singapore and to cease soliciting business from Singapore residents.

The regulator has reviewed Binance.com’s operations and is of the view that the website’s operator Binance “may be in breach of the Payment Services Act for carrying on the business of providing payment services to, and soliciting such business from Singapore residents without an appropriate licence”, said a spokesman in response to media queries.