Binance to restrict Singaporean users from several services starting Oct. 26, 2021

From 26 October 2021, the cryptocurrency exchange Binance will restrict Singaporean users’ access to a range of services on its platform.

Changes to Binance Offerings in Singaporehttps://t.co/tNscWF7zxd

— Binance (@binance) September 27, 2021

This includes fiat deposits, spot trading, and purchases of digital assets through fiat channels and the Liquid Swap service.

Company representatives advised users to complete current trades and withdraw funds “to avoid potential disputes”.

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

In early September, Binance warned that it would ban the use of the Singapore dollar in platform operations and remove its apps from regional App Store and Google Play.

The head of the company, Changpeng Zhao, urged Singaporean clients to use Binance.sg, which is owned by Binance Singapore. It has filed an application with MAS for a licence and currently operates under the exemption provided by the Payments Services Act.

Over the past few months, financial regulators in several countries, including the United Kingdom, the Netherlands, Italy, Poland, Japan, Thailand, Hong Kong, South Africa and a number of others, issued investor warnings regarding the exchange’s activities.

Against this backdrop, the company’s CEO published an open letter, in which he outlined plans to ensure regulatory compliance and client protection.

In September Zhao said that Binance would abandon a ‘decentralised’ model and transform into a licensed enterprise with a centralised business.

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