Crypto trading platform Binance has just announced it will restrict the services offered to Singapore residents.
As of October 26, they will no longer be able to make fiat deposits, participate in spot trading of cryptos or acquire cryptocurrencies through fiat channels or Liquid Swap. The platform has asked users to complete relevant transactions and withdraw fiat assets "to avoid potential trading disputes." It is still unknown which services will continue to be available to Singaporeans.
Binance stopped supporting in early September the Singapore dollar trading pairs. Shortly before that, the Monetary Authority of Singapore announced Binance might be violating the provisions of the Payment Services Act as well as that the Binance Asia Services legal entity registered in the territory of the state lacked the appropriate license. Soon after, the exchange's app disappeared from Singapore's app stores for Android and iOS devices.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
This year, several global regulators have turned their attention to Binance's activities, after which the exchange has decided to act in order to anticipate any requests. Singapore's license application for Binance is still pending approval by the authorities. The current legislation allows companies to offer their services in the country while awaiting licensing, however, the Monetary Authority has taken into account complaints against Binance in other countries and reminded investors of its status.