Home News Independent Reserve receives license in Singapore, Binance closes access

Independent Reserve receives license in Singapore, Binance closes access

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The Australian-based cryptocurrency exchange Independent Reserve has received a license from the Monetary Authority of Singapore (MAS) to operate as a Virtual Asset Service Provider (VASP).

Thus, according to the press release, the license will allow Independent Reserve to accelerate its growth in Singapore and provide services in accordance with local legislation. The move comes after the exchange received in-principle approval from the regulator in early August.

The CEO and founder of Independent Reserve, Adrian Przelozny said “A well-regulated environment will benefit both investors and crypto industry stakeholders”. He also added that “Singapore currently has the clearest and most detailed licensing requirements of any jurisdiction in Asia”.

MAS and Binance

Earlier, MAS included the Binance Bitcoin exchange in the “Investor Alert List”. The regulator stressed that it does not control its activities.

In early September, the company announced that it would ban the use of the Singapore dollar in transactions on the platform. As well as remove applications from the regional App Store and Google Play. Binance explained the decision by the desire to comply with local legislation.

The founder and CEO of the company Changpeng Zhao recommended Singapore customers to use the platform Binance.sg. An independent organization Binance Singapore owned this platform. It has submitted an application for a license to MAS. In addition, it is currently working under the exception provided for by the law “On Payment Services”.

The desire to comply with local legislation

Besides that, from October 26, 2021, Binance will close access to a number of services on its platform to users from Singapore.

This is about deposits in regular currency, spot trading. As well as the purchase of digital assets through fiat channels and the Liquid Swap service.

Representatives of the exchange recommended that users complete current transactions and withdraw funds “in order to avoid potential disputes”.

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