The month of September certainly started hot for the world’s largest brokerage, which saw Singapore put the website “Binance.com” on an investor watch list on the last 1st.
A day later it was the turn of the South Africa inform that the Binance Group should end its activities in the country, as there is no authorization for operation at the site. And to get an idea, even the Telegram group would have to be shut down, as the brokerage was illegally providing buy and sell recommendations.
Binance, in turn, responded quickly to new warnings issued by two financial regulators of countries and imposed withdrawal date in one of them.
In Singapore, Binance imposes a deadline for withdrawals in local currency for its customers
Binance Singapore’s clients have received in recent days news about the broker’s recent listing on a local regulator’s watch list.
Without going into too much detail, the Monetary Authority of Singapore (MAS) issued an alert to broker Binance last Wednesday (1), after receiving information about its operation in the country.
This new recommendation from an Asian country put more pressure on the brokerage in the region, which had recently seen Malaysia order its population to withdraw currency from that platform.
The world’s largest exchange is under increasing pressure
Binance reacted quickly to Singapore’s recommendations and customers will have until September 10 to make withdrawals in Singapore Dollars (SGD).
To make matters worse, all trading options and purchases with the currency will be removed on the 10th of this month.
In addition, the broker’s apps on Google Play and Apple Store will be removed in the country, in an attempt to stop local people from having access to the broker’s services.
“As Binance is constantly evaluating its product and service offerings to remain in compliance with local regulations, we will close the following products and offerings in Singapore on Friday, 10/09/2021.”
Binance’s CEO also commented that Binance.com is leaving the country, but the Binance.sg should continue to operate as it is an independent organization and is awaiting approval from local regulation.
“To be clear, Binance (http://Binance.com ) is not operating in Singapore and will remove SGD pairs etc. Binance Singapore (http://Binance.sg), an independent entity, operates in SG under the exemption while reviewing the PSA license application.”
To be clear, @Binance (https://t.co/9rMMAmtCxH) is not operating in Singapore, and will remove SGD pairs, etc.
Binance Singapore (https://t.co/0JZxWrMZk8), an independent entity, is operating in SG under exemption while going through the PSA license application.
— CZ 🔶 Binance (@cz_binance) September 5, 2021
Binance Africa responded to local government accusations
Another country that issued a warning against Binance was South Africa, which ended up being answered by the broker on its Twitter profile.
In note, the broker said it is aware of the FSCA notice but does not operate a “Binance Group” in the Seychelles Islands.
“We are aware of the notice published by the FSCA South Africa on September 3rd and can confirm that http://Binance.com does not provide financial advice or provide any intermediary services. Furthermore, we do not have an entity called the “Binance Group” in the Seychelles.”
Thus, the warning issued by the African country about the broker’s operations may have been confusing, as local scammers are using the company’s image to raise money from unsuspecting people.
After the recent cases in several countries, Binance’s quick responses show that the regulation is being analyzed by the broker with agility.