Binance limits its services for Singapore users

Mon 27 Sep 2021 ▪ 14h49 ▪ 3 min read — by Hugh Renolds

Today, on 27th September, Binance has announced that it will no longer provide certain crypto services to Singapore users. The statement was made against the backdrop of disputes over the regulation of the exchange within the Singaporean jurisdiction.

Restrictions for Singaporeans

The restrictions affect deposits in regular currency, spot trading, as well as the purchase of digital assets through fiat channels and the Liquid Swap service. Exchange representatives recommended that all current Singaporean users complete their ongoing transactions and withdraw funds ASAP “to avoid potential disputes.”

“We will restrict Singapore users to regulated payment services in accordance with our legal compliance obligations,” Binance said in a statement.

Binance’s fight with regulators

Over the past few months, financial regulators from several countries, including the UK, the Netherlands, Italy, Poland, Japan, Thailand, Hong Kong, South Africa, and several others, have issued warnings to investors regarding the exchange’s activities.

The Monetary Authority of Singapore, MAS, has put Binance’s website on the investor warning list. The regulator warned that the marketplace is not licensed to provide any services in the country and therefore should cease providing services to Singapore residents.

Binance operates in the country not through its main platform, but through Binance Asia Services Pte. Ltd, which owns the domain binance.sg. The company has applied for a related license in Singapore and is currently operating under an exemption.

The fact that MAS would investigate Binance became known in early July. Back then, the financial regulator announced plans to look into the work of Binance Asia Services Pte since its parent company Binance Holdings Ltd came under the control of regulators around the world.

In 2021, Binance has faced pressure from financial regulators worldwide. Earlier in July, the exchange warned that it would stop trading crypto derivatives in Europe. Seems like the ring is closing in.

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Hugh Renolds

I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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