Singapore’s central bank said it will follow up with Binance as appropriate. We take a look at what happened and how it may impact consumers.

Angela Teng  |  SG
Published 2021-07-09 16:34:04

Singapore’s central bank said last week it will “follow up” with popular crypto trading platform Binance as appropriate.

This is in light of the actions taken by other regulators. Britain for example, has barred the company from carrying out regulated activities there.

On Thursday (July 7), Binance stepped forward and said that it is committed to working with regulators and putting in place systems to protect users’ interests.

In a letter published on the firm’s website, Binance founder and CEO Zhao Changpeng acknowledged the need for the development of formal guidelines to prevent misuse of cryptocurrencies globally.

Zhao has said that he will work with global regulators and protect users / Image Credit: BinanceHe said that more regulations are, in fact, positive signs that the industry is maturing.


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