Binance Cuts Support for Singapore Users by Barring Spot Crypto Trading and Using Fiat Services
Binance announced on Monday that it is making changes to its offerings for Singapore-based users, according to which starting October 26, 04:00 AM UTC (12:00 PM UTC+8), they won’t be able to access certain functions of Binance.com.
These functions include fiat deposit services, purchase of cryptocurrencies through fiat channels, spot trading of cryptocurrencies, and liquid swap.
As such, users in Singapore are asked to cease all related trades, withdraw fiat assets, and redeem tokens before the end of next month.
The step has been taken in respect of the Regulated Payments Services in line with its commitment to compliance.
“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets, and we hope that such efforts will help the industry grow in the local market in the long-run,” said the exchange.
Earlier this month, the Monetary Authority of Singapore (MAS) put Binance on its investor alert list, which came after the exchange hired Richard Tend, who spent more than a decade with the MAS, to head its Singapore operations.
In response, Binance removed SGD trading pairs and payment options for Singapore users in order to be compliant with local regulations.
About a week ago, Binance had ceased offering derivatives to Australian users and, before that, restricting futures trading for Canadian and Hong Kong residents due to its “compliance efforts.”