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HomeCrypto NewsExchangesBinance Stops Fiat Deposit, Purchase Of Crypto Through Fiat Channels And Spot Trading Services For Singapore Users

Binance Stops Fiat Deposit, Purchase Of Crypto Through Fiat Channels And Spot Trading Services For Singapore Users

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Binance announced that users in Singapore won’t be able to access certain services via the crypto exchange.



Binance Announced:

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“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

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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:

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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