An currency, one of the world's largest cryptocurrency exchanges, must stop providing payment services regulated by Singapore because it may have violated local payment rules, Singapore's Financial Regulatory Authority said on Friday.
The Singapore Financial Regulatory Authority said Yuan an may have violated the payment Services Act by providing payment services to Singaporeans without proper licenses and soliciting business from them.
Since Yuan an did not apply for a licence in accordance with local law, the Singapore Monetary Authority put it on the investor warning list, warning consumers that it does not have supervision or permission to provide any local payment services.
The warning from Singapore's regulators is the latest blow to the currency's safety. Since its listing in 2017, Qian an has developed rapidly and has no global headquarters. While the currency has also been censored by regulators in the US, UK, Thailand, Malaysia and Japan, many cryptocurrency bulls say a stricter framework is a sign of market maturity and can provide more protection for investors. thus attracting more money into digital assets.
Its Singapore subsidiary said its Singapore business was conducted by a separate legal entity outside Binance.com, had its own local executives and management team, and did not provide any products or services through the Binance.com website or other related entities, and vice versa.
Singapore is not the first country to take action against currency security. The UK has banned the exchange from conducting regulated business in the UK, and Japan's financial agency has warned that the exchange operates in Japan without registration. In the United States, there are reports that the company has become the subject of an investigation by the Securities and Exchange Commission (SEC).
The Singapore Monetary Authority said it had been in contact with Min an Singapore and hoped that the company would immediately begin to suspend its transfer of digital payment tokens assets between Min an Singapore and Yuan an in an orderly manner.