Binance customers in Singapore will no longer be able to access some services on Binance.com from October 26, 2021, according to a declaration that the exchange made today.
Singapore users should stop trading
Binance’s announcement reveals that Singaporean users will no longer be able to use fiat deposits, trade and purchase crypto through fiat channels.
“We will restrict users in Singapore regarding the regulated payment services. Doing this to abide by all the rules of the country, Binance said in the statement.”
Binance’s action means that all Binance users in Singapore must stop trading on the exchange. Otherwise they risk fines
The ongoing problems with regulators don’t stop
The crypto exchange has faced a slew of issues with regulatory authorities in several countries, including Singapore, in recent months.
In August, Singapore’s financial services regulator, the Monetary Authority of Singapore (MAS), said Binance’s Singapore-registered entity called Binance Asia Services was not yet licensed in the jurisdiction.
The company was temporarily exempted from being licensed under the Payment Services Act due to a transition period during which the regulator reviewed the company’s license application retroactively.
Even then, the MAS did not adopt an optimistic tone. “We are aware of the actions taken by other regulatory bodies against the crypto exchanges and will contact the applicant if necessary,” a MAS spokesperson said at the time.
A month later, the regulator placed Binance on a warning list for investors, which again indicated that the crypto exchange is not licensed to operate in the country. Today it appears that the country’s warnings are serious and Binance has to give in to stricter rules.
Regulators in the Netherlands, England, the Cayman Islands, Italy, South Africa, Japan and other countries have also warned about the exchange.
