Binance Halts Crypto Trading for Singapore Users
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Binance announced a new round of curbs for its Singapore business, restricting crypto trading for users in the city-state.
Users in Singapore will no longer be able to deposit fiat money, trade or purchase crypto via Binance.com from October 26, according to a statement.
Advisers were also told to cease all related trades, withdraw fiat assets and redeem tokens by the deadline.
We will be restricting Singapore users in respect of the regulated payments services in line with our commitment to compliance, said Binance. Our aim is to create a sustainable ecosystem around blockchain technology and digital assets, and we hope that such efforts will help the industry grow in the local market in the long-run.
While the Monetary Authority of Singapore has issued warnings about potential breaches of the Payment Services Act at Binance.com, which is operated by Binance, it is currently reviewing a license application from Binance.sg, which is operated by Binance Asia Services (BAS).
Binance.sg is viewed by some users as the lighter version of Binance.com with a smaller offering and significantly less liquidity.
Questions & Answers
Q.What specific actions will Singaporean users be unable to perform on Binance.com from October 26?
What specific actions will Singaporean users be unable to perform on Binance.com from October 26?
From October 26, users in Singapore will no longer be able to deposit fiat money, trade, or purchase cryptocurrency via Binance.com. Advisers must also cease related trades, withdraw fiat assets, and redeem tokens by this deadline.
Q.What reason did Binance provide for implementing these restrictions on its Singapore business?
What reason did Binance provide for implementing these restrictions on its Singapore business?
Binance stated these restrictions are in line with its commitment to compliance regarding regulated payment services. Its aim is to create a sustainable ecosystem around blockchain technology and digital assets in the long term.
Q.How do some users perceive the differences between Binance.com and Binance.sg?
How do some users perceive the differences between Binance.com and Binance.sg?
Some users consider Binance.sg to be a 'lighter' version compared to Binance.com. It is perceived to offer a smaller range of services and significantly less liquidity than its international counterpart.