Crypto exchange Binance to stop some of its offerings to Singapore users

Crypto exchange Binance has been modifying its services and product offerings in some countries to comply with regulatory requirements. In its latest move, the company announced that there will be implementing changes to its crypto trading services to users in Singapore.

Singapore-based users will no longer be able to access fiat deposit services, liquid swap, crypto spot trading, and buy crypto through fiat channels on its website. These restrictions will take effect on October 26, 2021, at 04:00 AM UTC (12:00 PM UTC+8).

Binance explained that the move is necessary to comply with regulations. The company advised affected users to stop related activities covered by the restrictions to avoid disputes.

“As the market leader, Binance constantly evaluates its product and service offerings,” the company said on September 27. “We will be restricting Singapore users in respect of the Regulated Payments Services in line with our commitment to compliance. Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes.”

The Monetary Authority of Singapore said earlier that Binance may be violating the island nation’s Payment Services Act. This prompted the crypto exchange to remove Singapore dollar trading pairs and payment options.

Last week, Binance also announced that it will shut down crypto derivatives trading for existing users in Australia. “As Binance constantly evaluates its product and service offerings to comply with local regulations, we will cease offering the following products to existing Australian users: futures, options, and leveraged tokens,” Binance announced on September 21.

Users in Australia are given 90 days to reduce and close their positions. They are no longer allowed to increase or open new positions.

The company has been facing regulatory scrutiny in some jurisdictions such as the UK’s FCA order for Binance to stop all regulated activities in the country and Italy’s securities market regulator warning to the public that the Binance Group is not authorized to operate and provide investment services in Italy. This prompted the firms to discontinue some of its services in several countries.

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