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Category: Singapore

Monetary Authority Of Singapore Puts Binance On Investor Alert List For Violating Payment Laws

Singapore Monetary Authority has placed the Binance exchange on its alert list of investors on Wednesday. This is due to some concerns about the possibility that the crypto exchange might have violated the local payments laws. On Sunday, the global crypto exchange has announced its intention to cancel its product offering in the country. This is amidst regulatory warnings from Singaporean Financial Regulators that Binance seems to have violated local payment regulations. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Binance is a cryptocurrency exchange currently the largest exchange globally in terms of the daily trading volume. It was founded in 2017 and is registered in the Cayman Islands. Binance Limits Product Offerings In Singapore From Thursday, the residents of Singapore will cease to trade cryptos or receive payments in SGD-Singapore dollars. In addition, a blog Sunday post stated that the crypto exchange’s mobile application would be deleted from Singapore’s Google or Apple play stores. The exchange stated that they would remove all SGD trading pairs on Thursday at 04:00 UTC. They advised users to ensure that they completed all peer-to-peer trades 24 hours before the scheduled deadline. The Binance’s decision to halt some product offerings was a few days after receiving a warning from the Monetary Authority of Singapore. MAS gave a warning that Binance may be bridging the Payment Service Act of the Country. As a result, they added the crypto exchange to the investor’s alert list of the regulator on Wednesday. In the list were unregulated individuals who may have given people the wrong perception of being regulated or licensed by MAS. Binance faces upheaval from various financial authorities globally for proposedly not complying with the local regulations. These include the provision of crypto exchange services without obtaining appropriate licenses. Germany, Japan, the Canadian province of Ontario, and the United Kingdom all went down on the exchange offerings this summer. The most recent one is the South African regulator’s warning to its residents on crypto exchange unauthorized operation within the country. Regulatory Issues And Binance U.S. The regulatory issues seem to attract negative attention to the popular crypto exchange that operates as an independent legal entity. As a result, investors following the latest development have backed out of a funding round worth $100 million for US exchange. At the time of writing, BNB trades sideways | Source: BNBUSD on This made the funding round fail; it may have led to the reason why Brian Brooks resigned as the CEO of Binance us after only three months of leadership. Related Reading | Singapore Central Bank Selects 15 Firms For Retailing CBDC However, Binance global exchange handles more trades compared to other platforms despite the regulatory upheaval. The trade volume of Binance, according to the coin market cap on Sunday, was over $24 billion. Featured image from Pixabay, chart from
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Singapore Central Bank Selects 15 Firms For Retailing CBDC

The Monetary Authority of Singapore (MAS) finally shortlisted 15 companies that will assist in developing retail CBDC. These firms will participate in the Global CBDC challenge and help build the in-house retail central bank digital currency. MAS announcement indicates that the participants include four companies from the United States and six from Singapore. There’s also one firm each from Barbados, France, Switzerland, Australia, and Germany. Of all the participants, only three winners will emerge and work to build Singapore’s retail CBDC. On June 28, there was an announcement of the cash prizes for the digital currency ideas by the Singaporean central bank. This resulted in a challenge that has more than 300 fintech firms from over 50 countries in participation. Related Reading | Ethereum Software Client Geth Issues Hotfix To Tighten Security Some of the global finalists are Criteo (France), Bitt (Barbados), and Soramitsu (Switzerland). Also, there are ANZ Banking Group Limited (Australia) and Giesecke+Devrient advance52 GmbH (Germany). The shortlisted United States-based firms include Consensys, cLabs Inc., IBM, and Extolabs LLC. The local Singaporean shortlisted consortiums are IOG Singapore Pte Ltd, Citibank N.A., Standard Chartered Bank, and IDEMIA. Others are HSBC Bank Limited and HSBC Holdings Plc, and Xfers Pte Ltd Finalists Will Be Rewarded For Developing CBDC Retail A cash prize of 50,000 Singapore dollars (about $37,000) complements the Singaporean initiative of building its retail CBDC. An earlier announcement disclosed the MAS mentoring of the 15 finalists. Also, the finalists can gain access to the APIX Digital Currency Sandbox that will promote quick prototyping of digital currency solutions. The Sandbox ecosystem should contain over 100 APIs that are linked to payments and core banking. Furthermore, it will contain Mastercard’s digital fund APIs. The finalists now have an opportunity to promote their CBDC solutions during the Singapore Fintech Festival from November 8th to November 12th, 2021. There have been pro-crypto moves from the country’s authorities through the entire 2021. For example, the MAS recently released an ‘in-principle approval to Independent Reserve, an Australian crypto exchange. The company stands as the first crypto exchange to receive such approval in Singapore. The approval will enable the company to run as a regulated Digital Payment Token (DPT) Service provider. Through the approval, Independent Reserve is expected to avail its users the maximum consumer protection. It will also ensure compliance with Anti-Money Laundering rules. Related Reading | Bittrex Global CEO Declares Dubai Will Gain Benefit From Cryptocurrency Market Expansion Also, there’s a report that Singapore hosts 170 crypto exchanges, including Germini and Binance. These companies seek approval to kick off businesses in the country. Featured Image From Pixabay
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Four Major Central Banks Conducting Cross-Border CBDC Payment Trials

In the latest report on Thursday, September 2, Reuters noted that four major central banks will be conducting cross-border CBDC payment trials. This includes the central banks of Australia, Singapore, Malaysia, and South Africa. The pilot projects from these four central banks will determine whether if CBDC transaction settlements are easier and cheaper. Governments and

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Blockchain Startup In Pakistan Dubbed Bazaar Secures $30 million In Funds

Bazaar Technologies, a Pakistani blockchain marketplace, successfully raised about $30M in Pakistani’s biggest Series A round. An announcement made by Bazaar states that August 24th will be the closing of its raise. It also reveals that Singapore’s Wavemaker Partners and Silicon Valley-based Defy Partners were the leaders of the funding round. Many other investors also participated in the funding round, including Japan’s Saison Capital, LinkedIn, Endeavor, and numerous present-day investors such as Alter Global and Indus Valley Capital. Related Reading | PayPal To Facilitate UK Customers With Cryptocurrency Trading Feature In Pakistan, Bazaar asserts that they are the leading Business-to-business marketplace group for small-scale merchants. They serve up to 750,000 merchants across 400 villages and towns. The majority of those that make use of Bazaar are small-scale ‘mom-and-pop grocery stores known locally as “Kiryana Stores.” They buy stock from suppliers through this platform. Bazaar’s round this period has grown its funding to $37.8 million. This figure grew from its $6.5M seed round of January 2021 after eight months of its launching and its pre-seed round of $1.3M in June 2020. The seed-round was co-led by the Global Founders Capital based in Berlin. The seed round was the firm’s first Pakistani investment. Also, VC Indus Valley Capital is another partner in the June seed round last year. Bazaar Seed Round Is The Largest In Pakistan Furthermore, the data shows that this latest seed round is the largest of its kind ever raised in Pakistan at a startup level. As a result of this raise, Bazaar right now has a total of $7.8 million. This makes it the largest funded startup in all of Pakistan. Furthermore, Bazaar also brought in top global and regional organizations as well as angel investors. For example, Wavemaker Partners based in Singapore, Early-stage VC S7V, Saudi’s Derayah Venture Capital, and Next Billion Ventures based in the United States participate in the seed round. Hamza Jawaid and Saad Janda founded Bazaar in 2019. Janga was formerly the product manager of Careem, a local Uber subdivision, whereas Jawaid worked in McKinsey, a management consulting company. In recent months, the Pakistani government has initiated strategic ways of building a better regulatory apparatus that will be permissive to the country’s crypto sector. Related Reading | 37% Of U.S. Investors Decline To Liquidate Cryptocurrency Assets in Bearish Situations The Pakistani Securities and Exchange Commission issued a consultation paper in November. The paper surveyed the advantages of cryptocurrency assets as well as tokenization. In addition, the paper also embraced the industry feedback regarding the development of local regulations. In March, Khyber Pakhtunkhwa, a Pakistani province, announced how it would manage two hydro-powered cryptocurrency mining farms for a government-supported mining pilot. Featured image from Pixabay
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Crypto Revival Fuels Predictions as Bitcoin Breaks $50K Mark

Bitcoin beat $50,000 interestingly since May as crypto costs proceeded with a continuous recuperation from a cluttered defeat only three months prior. The biggest virtual coin progressed 3.8% to $50,272 as of 6:53 a.m. in New York, with different tokens including Ether and Cardano’s ADA likewise rising. Bitcoin excused the negative presence and shot past the desired $50,000 mark, said […]

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Singapore’s DBS Bank Gets Approval to Offer Crypto Services

Singapore’s DBS Bank financier member declared it has gotten compliance on a fundamental level from the Monetary Authority of Singapore (MAS) to start offering crypto administrations to resource supervisors and organizations. DBS Vickers (DBSV) got the approval from the country’s monetary controller under the country’s Payment Services Act. In 2019, Singapore passed its installment act, requiring all-advanced installment specialist co-ops […]

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Jasmine Telecom Systems Outlines Plans to Become Largest ASEAN Bitcoin Miner by 2024

The leader of Jasmine Telecom Systems (JTS) has illustrated how he intends to make the Thai administrator the biggest bitcoin miner in the ASEAN area by 2024. At the point when a developing number of telcos are investigating blockchain however few are taking a gander at digital money, JTS has declared designs to introduce 500 bitcoin mining machines at its […]

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Bitcoin Rallies Back Near $40,000 Mark after Last Month’s Decline

Bitcoin pulled back to $40,000 subsequent to moving throughout the end of the week to the most elevated levels since May. The biggest cryptographic money was exchanging at $40,226 as of 8:28 a.m. in London subsequent to falling as much as 4.9% Monday. Other virtual coins including second-positioned Ether likewise fell. Investigators proposed benefit taking lay behind the decreases. This […]

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Singapore’s 66% Young Population Own Crypto: Survey

A recent survey of 1,000 Singapore citizens conducted by Australia’s consumer insight provider Toluna has revealed some interesting facts about crypto adoption in the country. Singapore is considered a pro-crypto nation, and this survey only reinforces that revealing how pro-crypto regulations can impact crypto adoption. As per the survey, 93% of the country’s population have

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Is Binance in Trouble? Regulatory actions reported against Binance globally

Changpeng Zhao, Binance CEO tweeted today, how the crypto exchange giant believes in solving problems over engaging in debates or fights. However, none of Binance problems are close to a solution, instead, the arena of trouble has been expanding for Binance. The number of nations that have issued some form of regulatory warning for Binance

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Thai SEC Slaps Criminal Complaint On Binance for Illegally Operating Crypto Business

Crypto exchange Binance seems to be in deep water facing accusations from regulators worldwide. On Friday, July 2, the Thai Securities and Exchange Commission (SEC) announced that it has filed a criminal complaint against Binance for illegally operating its digital assets business. Upon investigation, the regulator found that Binance provided crypto trading services “by matching

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