fbpx

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
0

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.

 
RECOMMENDED

Annual Premium Package

Gain access to all Vulcan Post Premium content for S$99.90 per year.

SUBSCRIBE

Single Article

Unlock and get instant access to this Vulcan Post Premium content for S$7.90.

UNLOCK ARTICLE

Already a subscriber? Log in here

Subscribe to Vulcan Post Newsletter

Stay updated with our weekly curated news and updates.
 
Read more about our privacy policy here.