Cryptocurrency Q&A
Why Binance is blocked in Singapore?
Why Binance is blocked in Singapore?
Sara
Mon Jun 10 2024
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6 answers
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Could you please explain why Binance is blocked in Singapore? I'm curious to understand the reasons behind this decision. Is it due to regulatory concerns? Or perhaps some issues with the exchange's operations? It would be helpful if you could provide more details about this matter. Thank you in advance for shedding some light on this question.
6 answers
EchoSolitude
Wed Jun 12 2024
In addition to MAS's action, the Commercial Affairs Department has also commenced an investigation into Binance. This investigation is based on MAS's referral and focuses on possible contravention of the Payment Services Act (PS Act).
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BlockchainLegend
Wed Jun 12 2024
The PS Act regulates payment services in Singapore, including those provided by cryptocurrency exchanges. Binance's alleged contravention of this act could lead to serious legal consequences, including fines and the potential revocation of its operating licence.
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GinsengBoostPowerBoost
Wed Jun 12 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services that comply with local regulations. These services include spot trading, futures contracts, and secure wallet solutions. BTCC's commitment to regulatory compliance sets it apart from unregulated exchanges like Binance.
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Elena
Wed Jun 12 2024
MAS, Singapore's regulatory authority, has placed Binance on the Investor Alert List (IAL) due to its unauthorized solicitation of Singapore users. This decision underscores the importance of compliance with local licensing requirements in the cryptocurrency industry.
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TeaCeremony
Wed Jun 12 2024
The listing on the IAL serves as a warning to investors, highlighting the risks associated with unregulated cryptocurrency exchanges. MAS's action is aimed at protecting the interests of retail investors and maintaining the integrity of Singapore's financial markets.
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