Binance held a meetup in DuBai. Due to the difficulty of applying for a work visa in Singapore, many exchanges began to transfer to DuBai, such as huobi. https://t.co/AyehNkNiix
— Wu Blockchain (@WuBlockchain) October 11, 2021
Last month, in lieu of regulatory pressure, Binance announced the suspension of spot trading, fiat purchase channels, liquid swap, and fiat deposit functions in Singapore, effective from 26th October. Furthermore, the exchange also appealed to its Singapore users to withdraw their tokens and cease their trades by the effective date.
“As the market leader, Binance constantly evaluates its product and service offerings. We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance. Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes.”
Binance Regulatory Crackdown and Compliance
Binance has suffered the regulators’ wrath by the Securities Commission of Singapore , which began its crackdown on the exchange by enlisting Binance.com in Investor Alert List. Furthermore, multiple regulatory authorities globally, banned or warned the exchange of its unregistered status. From Singapore, UK, Hong Kong, Japan, to Cayman Islands, South Africa , and many more, Binance lost to regulatory isolation and finally opted to compliance
Binance has now announced working towards centralizing its operations by restoring its relationship with the regulators after facing a global regulatory crackdown. Towards the end of the bearish third quarter, Binance revealed that it is conducting conversations with multiple regulators, in lieu of acquiring their approvals. Binance confirmed that it will be building a centralized headquartered financial institution, and further giving up the decentralized method of operations.
“As the largest player in the industry, we need to prepare ourselves for the shift. We are making changes to make it easier to work with regulators,”, Zhao told the South China Morning Post.
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