The latest compliance news: regulatory developments, punishments, guidance, permissions and new product and service offerings.

Binance
Cryptocurrency exchange Binance yesterday said (source: Bloomberg) that it will stop offering some products in Singapore after regulators said earlier in the week that the company may be in breach of the country’s Payment Services Act.

In a blog post, Binance said that it would be ceasing Singapore dollar trading pairs and payment options, as well as removing the app from Singapore iOs and Google Play stores, as of Friday last week.

Users have been advised to complete all related peer-to-peer trades and remove related trade advertisements by Thursday “to avoid potential trading disputes," reports added. 

ecoWise, Securities Exchange Regulation
Embattled environmental solutions provider [ecoWise Holdings">ecoWise Holdings has hired two independent directors, effective from 3 September, the Business Times (of Singapore) reported. 

These appointments come after bourse regulator Singapore Exchange Regulation imposed a notice of compliance on the business on 25 June, ordering it to appoint two new independent directors, commission an internal audit and an audit of its first-half 2021 results, as well as form a new auditing committee, the report said. 

The first appointment is Lo Kim Seng, as an independent non-executive director. Lo was also appointed as the chairman of the remuneration committee and a member of both the audit and nominating committees. The second appointment is Tham Chee Soon, who will serve as an independent non-executive director, chairman of the audit committee and a member of both the nominating and remuneration committees.

ecoWise suspended the trading of its shares on 18 June following a trading halt called on 15 June.