In Brief:
- Binance to introduce strict restriction on its Singapore users.
- Traders from Singapore have been advised to cease all related trades, redeems tokens and fiat assets by 26 Oct.
The world’s largest cryptocurrency exchange Binance to introduce strict restrictions for its Singapore users.
According to the announcement users in Singapore will not be able to access fiat depositing, spot trading of cryptocurrencies and buying of digital assets using fiat and liquid swap from 26th Oct.
The company constantly evaluates its product and services offerings. It will be restricting Singapore users in respect of Regulated Payments Services as part of its commitment to compliance.
Traders from Singapore have been advised to cease all related trades, withdraw fiat assets and redeem tokens by 04:00 UTC 26 Oct.
Binance stated that the company will look forward to finding a reasonable solution with regulators in order to start functioning again. A recent decision has been made to help the cryptocurrency industry to grow on the local market.
Binance recently restricted its services in Singapore to meet with regulatory compliance. It mentioned that from Sept month, it stopped facilitating the transaction through SGD payment options. It also removes the app from the Singapore iOs and Google Play Stores.
