Binance announced that users in Singapore won’t be able to access certain services via the crypto exchange.
Binance Announced:
“With effect from 2021-10-26 04:00 AM UTC (12:00 PM UTC+8), users in Singapore will not be able to access certain functions on Binance.com including fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap (“Regulated Payments Services”).”
After regulatory scrutiny, Singapore joined the growing number of jurisdictions that restricted binance from offering exchanges services.
At the start of this month, The Monetary Authority of Singapore (MAS) puts Binance on investor alert list. The MAS stated that the exchange was in violation of the country’s payment service law and operated without a license.
Read: Monetary Authority Of Singapore (MAS) Puts Binance On Investor Alert List
Binance responded by announcing that it would stop trading services in Singapore. The exchange will also take its trading app out of the Apple App Store and Google Play Store for Singaporean users.
Read More On Binance regulations:
- Binance Will No Longer Offer Futures And Options Trading In Australia
- US Commodity Futures Trading Commission (CFTC) Probes Binance Over Allegations of Possible Insider Trading And Market Manipulation
- The UK Financial Conduct Authority (FCA) Cleared Binance
- Binance Hires Richard Teng As Singapore CEO, Binance Impose Mandatory KYC For All New Users And Halts Future Trading For Brazil
- UK Court Orders Binance To Find And Freeze $2.6M Hacked Funds That Were Stolen From Fetch.Ai Binance Account
- Binance Is No More Offering Derivative And Future Trading Services For Its Hong Kong Users
- Binance Stops Crypto Futures Trading Services Across European Countries
- Binance CEO Aims To Make Binance Regulated Worldwide, Also Daily Withdrawal Limit For Binance Unverified Accounts Reduced And Binance Leverage Trading Limit Reduced
- Italy Becomes The 7th Country To Issue A Regulatory Alert Against Binance