Binance cryptocurrency exchange will restrict trading for Singapore customers. They will no longer be able to conduct any transactions using fiat currencies.
Amid increasing regulatory pressure from October 26, 2021, users of the Binance cryptocurrency exchange from Singapore will no longer be able to access a number of services: fiat deposits, spot buying and selling cryptocurrencies for fiat, and buying cryptocurrencies using swaps. In order to avoid “potential trade disputes”, Singapore users are advised to complete all exchange transactions and withdraw fiat assets by October 29, 2021.
The Singapore branch of Binance was incorporated about two years ago. The operations are carried out by the local company Binance Asia Services, which operates only the Binance.sg website and does not provide services through the global exchange portal Binance.com.
In September this year, the Monetary Authority of Singapore (MAS) placed Binance.com on the investor warning list and issued a warning to Binance that the exchange was violating the payment services law. Also, the branch of the Binance Asia Services exchange, registered in Singapore, has not received a license for exchange activities from the regulator.
By restricting exchange transactions for Singapore citizens, Binance confirms its commitment to proactively and strictly comply with regulatory requirements. Previously, the exchange removed support for Singapore dollar (SGD) trading pairs and closed SGD replenishment. Also in Google Play and the App Store, the exchange application was closed for users from Singapore.
The list of services that will remain available to residents of Singapore, Binance did not specify.
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