Asian Tech Press (Sep 6) -- Binance, the world's biggest cryptocurrency trading platform, announced on Sunday that it will cease some products and offerings in Singapore.

Binance was placed on an investor alert list by Singapore's central bank and financial regulator, the Monetary Authority of Singapore (MAS) on Sept. 2.

The MAS said it has reviewed the operations of the trading platform, Binance.com, and concluded that the platform operator, Binance, may have violated the country's Payment Services Act (PSA) because "it offers and solicits the use of its payment services for Singapore residents, but it is not properly licensed."

The crypto giant said it will stoSGD trading pairs and SGD payment options from Friday and remove the app from the iOs and Google Play Store in Singapore.

And its Singapore users were advised by the company to complete all related P2P trades by Thursday and to remove related trade ads "to avoid potential trading disputes."

"We are committed to working constructively in policy-making that seeks to benefit every user," the company said in the announcement.

A representative for Binance said the move will affect Binance.com's services, but will have no impact on Binance.sg's services.