Binance has decided to restrict its services in Singapore. It has dropped services such as fiat deposits, sport crypto trading, purchase of cryptocurrencies via fiat channels, and liquid swaps on Binance.com. This is for users in Singapore.
This decision came after major exchange operator had suspended all Singapore dollar-based services on its peer-to-peer platform.
Binance stated that Binance is the market leader and constantly evaluates its product offerings. Binance made the announcement Monday. In line with our commitment to compliance span, we will restrict Singapore users from the Regulated Payments Services.
To avoid trading disputes, the exchange has asked users to cease all trades and withdraw fiat assets by Wednesday, October 26 at 04:00 UTC (12:00 UTC+8)
Compliance First
Binance, once an organization that supported almost all fiats in circulation locally, has now begun to limit its services across the globe. It has stopped offering futures and options to Australian crypto traders. They have until December 23rd to close or reduce all positions.
Binance has restricted almost all services on Binance.com Singapore. However, Binance.sg will still be in operation in the country. Binance’s local subsidiary has applied for a license to operate under the Payment Services Act in Singapore. It is currently exempted by the Monetary Authority of Singapore (MAS span>).
Earlier in the month, the MAS included Binance.com’s name to its Investor Alert. This prompted the exchange and government to reconsider their services in the country.
In the meantime, Binance limited its crypto derivatives services to several European and Asian nations, while completely discontinuing offering stock token services amid regulatory red flags.
