Binance Singapore scrutiny adds to mounting regulatory rap list

Cryptocurrency exchange Binance has been ordered to stop offering its services in Singapore, adding to its regulatory struggles. — REUTERS

Binance Holdings Ltd. must stop offering services regulated in Singapore after a potential breach of local payment rules, adding to a mounting list of jurisdictions scrutinizing the world’s largest cryptocurrency exchange.

Binance may be in breach of the Payments Services Act for providing payment services to, and soliciting business from Singapore residents without an appropriate license, the Monetary Authority of Singapore said Thursday, in response to questions from Bloomberg.