September 27, 2021

Binance will impose restrictions for users from Singapore

Binance will impose restrictions for users from Singapore

Starting October 26, 2021, bitcoin exchange Binance will shut down access to a number of services on its platform for users from Singapore.

These are deposits in regular currencies, spot trading, as well as the purchase of digital assets through fiat channels and the Liquid Swap service.

Exchange representatives recommended that users complete current transactions and withdraw funds "to avoid potential disputes."

Earlier, the Monetary Authority of Singapore (MAS) included Binance in the "Investor Alert List" (Investor List). The regulator stressed that it does not monitor its activities.

In early September, Binance warned that it would prohibit the use of the Singapore dollar in transactions on the platform, as well as remove the application from the regional App Store and Google Play.

Changpeng Zhao, head of the company, recommended that Singaporean customers use the platform, which is owned by Binance Singapore. It has applied to MAS for a license and is currently operating under an exemption under the Payment Services Act.

Over the past few months, financial regulators in several countries, including the UK, the Netherlands, Italy, Poland, Japan, Thailand, Hong Kong, South Africa and several others, have issued warnings to investors about the exchange's operations.

Against this backdrop, the company's CEO published an open letter outlining its plans for regulatory compliance and customer protection.

Recall that in September Zhao announced that Binance would abandon its "decentralized" model and transform itself into a licensed enterprise with a centralized business.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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