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Singapore Tells Binance to Halt Service in Latest Crypto Hit

  • MAS is reviewing local Binance unit’s application for license
  • Regulator asks parent to stop services regulated in Singapore
Bloomberg business news

Aug. 17: Binance CEO Wants 'Regular' Meetings With U.S. Regulators

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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.