Binance halted cryptocurrency services in Singapore

Binance restricts its operations in Singapore
  • Binance crypto exchange is halting its operations for users from Singapore
  • The firm will suspend trades from next month, suggesting users withdraw their funds before that
  • The recent announcement follows the removal of SGD trading pairs
  • Binance has made several changes to comply with regulations

Binance, one of the largest crypto assets exchanges globally has been found halting its operations from Singapore. Recently, the exchange platform declared that it will no longer deliver spot cryptocurrency trading and other services in Singapore. According to a recent official statement, users in Singapore can no longer access certain services on the cryptocurrency exchange platform. Such suspended services include fiat deposit, spot trading, crypto acquisition for a government-issued fiat, and liquid swap. Such actions are expected to go into effect from October 26, 2021.

Binance won’t provide SGD trading pairs

Recently, one of the leading digital assets exchanges has announced to quit its operations in Singapore. According to the announcement, the exchange will halt its operations late next month. And advises its traders to complete their trades in time and withdraw their funds before the deadline.

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Notably, such a stance by Binance was taken after it discontinued offering Singapore Dollar (SGD) trading pairs. Moreover, the exchange removed its official mobile app from the nation’s app stores.

Why is the exchange retiring from Singapore?

Regulations globally have eyed the crypto industry following its tremendous growth. According to experts, such regulations are beneficial for the industry. However, it vanishes the decentralized nature of the sphere. Simultaneously, a financial regulatory agency of Singapore issued an investor alert. According to the authority, the firm violates Singapore’s Payment Services Act. 

According to Binance, being the market leader it constantly evaluates its product and service offerings. Furthermore, it underscored that it will be restricting Singapore users in respect to Regulated Payments Services in line with its commitment to compliance.

Singapore is not alone in targeting the exchange

Singapore is just one of the countries that have targeted crypto firms. Over the past few months, Binance was facing turbulence, as regulators globally were issuing warnings against the firm. According to the financial watchdogs, the firm was operating unregistered or violating laws. A few of the nations that have Binance in their crosshairs are Italy, United Kingdom, and Hong Kong. 

It is also worth noting, that following such hits at a time, the exchange has made several changes to its services to be compliant with regulators globally. Notably, to comply with regulations globally, Binance removed its stock tokens.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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