Binance.com to Stop Offering Crypto Trading Services in Singapore

Binance is restricting its services in Singapore as it has decided to drop services like fiat deposits, sport cryptocurrency trading, purchase of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term through fiat channels and liquid swaps on Binance.com for users in the city-state.

This move came weeks after the major exchange operator suspended all Singapore dollar-based services from its peer-to-peer exchange.

“As the market leader, Binance constantly evaluates its product and service offerings,” Binance noted on the announcement on Monday. “We will be restricting Singapore users in respect of the Regulated Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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 ‘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’.

Compliance First

Binance, which once aimed to support almost all local fiats in circulation, is now limiting its services heavily across the globe. Most recently, it stopped offering futures, options and leveraged tokens to Australian crypto traders, giving them until December 23 to reduce or close all positions.

Though Binance is restricting almost all of the 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 Singapore’s Payment Services Act and is currently operating with an exemption granted by the Monetary Authority of Singapore (MAS).

Earlier this month, the MAS added the name of Binance.com to an Investor Alert List that prompted the exchange to reconsider its services in the country.

Meanwhile, Binance restricted its crypto derivatives services in several European and Asian countries, while it completely scrapped offering stock token services amid regulatory red flags.