Binance will shut down its crypto exchange in Singapore after colliding with regulators in the city-state earlier this year, according to reports. “financial times”.
Binance Asia Services said Monday that it will withdraw its domestic license application and shutter business Icons digital payment.
The decision comes after the Monetary Authority of Singapore (MAS) in September ordered Binance to stop all crypto transfers with the main platform, after placing the company on an “Investor Alert” list. Furthermore, he said the company could “break” local law.
according to “Reuters”The Singapore unit of Binance was one of more than 100 crypto companies that applied for a license to operate there and were allowed to do business while the license application was being processed.
Last August, the UK’s Financial Conduct Authority said Binance’s “complex and high-risk financial products” posed a “significant risk to consumers.”
The company is present in Portugal through Club Porto. The club embarked on coding activities, in this case the so-called Fan Codes Cryptocurrencies that can be spent within the FC Porto ecosystem.
The issuance of the “Porto Fan Token” began on November 16 through the launchpad on the Binance platform, with a total of 4 million. Icons per dollar. This issue occurred within the scope of a multi-year agreement between Binance and FC Porto, which includes “Binance sponsorship on the back of the official club shirts for the 2021/22 season and on the sleeves for the remaining seasons.”
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