Singapore is closely following the developments regarding the cryptocurrency exchange Binance.
After the operations of Binance, one of the world’s leading cryptocurrency exchanges, in the UK and Canada ceased, Singapore began to closely examine the developments.
The organization reported that Binance Asia Services Pte, the unit of the crypto exchange that applied to operate in the country, is being followed. “We closely follow the decisions taken by other authorities against Binance,” the statement said.
BANNED FROM ENGLAND
While investigations regarding Binance continue in the USA and Canada, the Financial Management Authority (FCA) in the UK has stated that Binance cannot engage in any regulated activity. Explaining that Binance does not have the necessary permissions, the FCA asked the exchange to cease its operations in the UK.