According to a Monday announcement, Binance has restricted access for Singapore customers, who will no longer be able to deposit cash, do spot trading, or swap tokens on the exchange.
Binance refers to the restricted services as Regulated Payment Services, citing this as the rationale for suspending them for Singapore-based consumers. “In accordance with our commitment to compliance, we will restrict Singapore users’ access to Regulated Payments Services.”
The order will take effect on October 26, 2021, and impacted users are urged to withdraw their funds, redeem their tokens, and cease all trading activity prior to that day.
Binance stated that the action is consistent with its stated aim to collaborate with regulators worldwide to build a sustainable ecosystem around blockchain technology and digital assets.
Binance is willing to scale back in order to comply.
The announcement comes less than a week after Binance ceased offering crypto derivatives in Australia for the same compliance grounds.
The exchange also ceased operations in Singapore on September 6 following a warning from the Singapore Monetary Authority. MAS is one of over a dozen agencies that have either issued warnings to Binance or banned its services entirely for operating without authorization or licensing in their territories.
Binance ceased accepting Singapore dollar payments and trading pairs on September 10 and deleted its app from the country’s iOS and Google Play stores. Changpeng Zhao urged users to migrate to the company’s Singapore platform, which is still permitted.
Binance has released various financial products globally as a result of its aggressive expansion strategy. Until 2021, only the United States was vocal about the exchange’s lack of regulation. However, 2021 has shifted the tides against Binance, compelling it to limit its product launch pace, pull some products, and publicly promise to cooperate with regulators.
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