Binance may be in breach of the Payments Services Act for providing payment services to, and soliciting business from Singapore residents without an appropriate licence, the Monetary Authority of Singapore (MAS) said. As Binance didn’t apply for a licence under local law, the central bank has added Binance.com to the investor alert list, which warns consumers that Binance isn’t regulated or licensed to provide any payment services locally. “Binance (global) would have to show that it has remediated any shortcomings and that it will not, going forward, solicit trades from Singapore resident customers.”Binance Holdings, which operates globally, has local affiliates in some countries including the US and UK — and in Singapore, with Binance Asia Services (BAS), which operates Binance.sg. Binance CEO Zhao Changpeng, a Canadian citizen, resides in Singapore and is the majority shareholder of Binance Asia Services. Vertex Venture Holdings Ltd, an affiliate of the state investor Temasek Holding, is also an investor in Binance Asia.

Source: Bangkok Post September 03, 2021 11:03 UTC