Binance is restricting its services in Singapore as it decides to abandon services such as fiat deposits, sports cryptocurrency trading, and purchase cryptocurrency through fiat and liquid exchange channels on Binance.com for users in the city-state.
The move came weeks after the major exchange operator suspended all dollar-based services in Singapore from a peer-to-peer exchange.
“As the market leader, Binance is constantly evaluating its product and service offerings,” Binance noted in the announcement on Monday. “We will restrict Singapore users with respect to regulated payments services in line with our commitment to compliance.”
The new restrictions will come into effect on October 26, and the exchange has urged all users in Singapore to ‘stop all related trades, withdraw fiat assets and redeem tokens by Wednesday, 10-26-2021 04:00 AM UTC (12:00). ) PM UTC + 8) To avoid potential trade disputes.
Suggested Articles
Secretum – SOLANA Messaging App for Blockchain EraGo to Article >>
compliance first
Binance, which previously aimed to support nearly all locally traded companies, is now significantly restricting its services worldwide. Recently, it stopped offering leveraged futures, options and tokens to Australian cryptocurrency traders, giving them until December 23 to reduce or close all positions.
Although Binance has restricted nearly all services on Binance.com in Singapore, it will continue to operate in the country under the local entity Binance.sg. The local subsidiary of Binance has already applied for a license under the Singapore Payment Services Act and is currently operating with an exemption granted by the Monetary Authority of Singapore (MAS).
Earlier this month, MAS added the name Binance.com to its investor alert list that prompted the exchange to reconsider its services in the country.
Meanwhile, Binance has restricted crypto-derivative services in several European and Asian countries, while completely canceling the provision of stock token services amid regulatory warning flags.