coincodex.com
Key highlights:
- Binance has announced that it will limit its services for Singapore-based users even further
- Starting with October 26, users from Singapore will no longer be able to deposit or trade on the platform
- Earlier in September, Binance removed SGD trading pairs from its website
Binance will limit services for Singapore-based users even further
The Binance cryptocurrency exchange says that it will stop providing multiple services to users from Singapore starting with October 26. From that point forward, Singapore-based users will no longer be able to deposit fiat, trade cryptocurrencies, or buy cryptocurrencies with fiat.
Binance is advising users from Singapore to close their trading positions and withdraw their fiat currency by October 26.
Binance’s latest move represents a step further in limiting the platform’s functionality for users from Singapore. Earlier in September, Binance announced that it would make its mobile application inaccessible for Singapore-based users. The exchange also removed its SGD (Singapore dollar) trading pairs.
The exchange’s new policies were instated shortly after the Monetary Authority of Singapore (MAS) placed Binance.com on its Investor Alert List. As explained by the regulatory agency, the Investor Alert List includes companies and websites that are not regulated in Singapore, but “may have been wrongly perceived as being licensed or regulated by MAS”.
Binance.sg, a cryptocurrency exchange with more limited functionality than Binance.com, continues operating normally. The Binance.sg exchange has submitted an application with the MAS and is currently operating under an exemption.
2021 has been a rollercoaster year for Binance. It began with the meteoric rise of the Binance Smart Chain blockchain platform, which propelled the BNB token to new all-time highs. In the second half of the year, however, the exchange has been facing pressure from regulators across the globe. Regulators from the United Kingdom, Japan, Canada, Thailand and multiple EU countries have released warnings related to Binance this year.
In response to the regulatory scrutiny, Binance has made some major changes to its policies. In addition to restricting the services it offers in certain jurisdictions, all Binance users must now complete a know your customer (KYC) process if they want to continue trading on the exchange. Binance has also made changes to its derivatives trading products, which included limiting the maximum amount of leverage that traders can use.
Binance is still a dominant force in the cryptocurrency market. In the last 24 hours, it handled $18.8 billion worth of spot trading volume, and $26 billion worth of derivatives volume.