Binance.com will stop offering cryptocurrency services to users in Singapore
According to a statement published on Monday, the exchange will stop offering certain services to Singaporean users on its main platform, Binance.com.
Restricted services include fiat deposits, cryptocurrency spot trading, and the purchase of cryptocurrencies through fiat channels and liquid swaps. They will be enabled until October 26, 2021.
In the notice, the exchange noted that the move comes as part of a commitment to comply with local regulators.
As the market leader, Binance constantly evaluates its product and service offerings. We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance. Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes.
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It is unclear if these services will be offered through Binance.sg, Binance’s platform in Singapore.
The news about the cessation of operations in Singapore comes three weeks after Binance.com was listed on the investor alert list by the Monetary Authority of Singapore (MAS) earlier this month. This list reports on non-regulated entities that may have been mistakenly perceived as regulated or authorized by the authority.
At the time, Binance ceased trading pairs and Singapore dollar payment options. It should be noted that Binance.sg, a separate exchange to Binance.com, was not included on the regulators’ alert list.
The suspension of activities in Singapore comes amid significant pressure from regulators on Binance. Over the past weeks and months, watchdogs in various countries have been warning the exchange about facilitating unlicensed operations.
Last week we reported that Binance will completely stop trading crypto derivatives in Australia.
Countries that have issued warnings to the company include Malta, the Cayman Islands, Japan, Italy, Brazil, Singapore, the Netherlands, Canada, Germany and the United Kingdom.