Binance is restricting its services in Singapore as it has decided to drop services like fiat deposits, sport cryptocurrency trading, purchase of Cryptocurrencies 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 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.
