Currently, Binance is not legally permitted to do business in Singapore according to Decrypt. The Monetary Authority of Singapore (MAS) is evaluating Binance’s application, but according to industry experts, “a substantial number” of businesses have been rejected like Binance. According to a MAS spokesman, the company registered to provide Binance Asia services in Singapore, Binance Asia Services, is not licensed.
Binance Asia Services is permitted to carry out would-be-regulated operations during a transitional period in January 2020 while awaiting the introduction of the Payment Services Act.
Binance’s Regulatory Woes in Singapore
In order to be able to retroactively examine a company’s application for a license, the Singapore regulator implements a transitional period. This time lasts until an entity’s application is “approved, refused, or withdrawn.” In the short term, there is no assurance Binance will be successful, and Singapore has already made an official pitch to purchase the business.
Binance shouldn’t just be worried since there are other reasons as well. So far, a “substantial number” of DPTs have had their licenses revoked by the Singapore authorities.
The Monetary Authority of Singapore is considering Binance, like any other company seeking to offer cryptocurrency services under the Payment Services Act, as a commercial actor within the jurisdiction of the law. AML and counter-terrorism funding procedures will be required of Binance Asia Services.
Binance’s Trouble in Asia
Binance has been criticized throughout the globe for its unregulated status. Malaysia is another nation to target the exchange.
Malaysia’s Securities Commission said that it had taken action against Binance, a cryptocurrency exchange, to prevent it from operating in the country.
It stated that Binance Holdings Limited, its CEO Changpeng Zhao, and three other entities registered in the United Kingdom, Lithuania, and Singapore were publically chastised for continuing to operate in Malaysia after being put on the Regulator’s warning list a year ago.
Binance was ordered by the government to disable its website and mobile applications, cease media and marketing activities, and restrict Malaysian investors’ access to its Telegram channel.
On Friday, the Malaysian Securities Commission ordered it to halt its website and mobile apps in Malaysia for two weeks.
Binance “was illegally trading a digital asset exchange,” according to the commission, which issued a public reprimand for continuing its illegal activities in Malaysia.