221
views

Binance Cuts Off Crypto Services in Singapore

Binance.com is working on cutting off some crypto-related services for Singapore citizens. It comes after the Singapore government put the exchange on an investor’s alert list. In addition, the Monetary Authority of Singapore reported that Binance had breached local regulations.

To that end, on Thursday, Singapore put the Binance global website on an alert list. The intent was to warn Singapore consumers that the exchange was not regulated or licensed to provide financial services.

Binance Restrictions

To adhere to the prescribed rules by the Singaporean government, Binance.com put in place some measures. As of October 26th, some services such as fat deposits, crypto purchases using fiat currencies, liquid swap, and spot trading will be unavailable in the country.

A statement released by the exchange on its website indicated that the restrictions were government compliance. Further, they advised the users to cancel trades, withdraw their money and sort out their tokens by the deadline provided.

Binance is one of the largest crypto exchange platforms worldwide. Its primary concern is serving its users best, and that includes drawing a profitable line with governments. The move comes after the Central bank in Singapore warned of the platform breach in the country.

Trading Strategy and Complications

As of September 10th, Binance stopped offering dollar trading pairs to Singapore users. Further instructions included removing its trading app from iOs and Android phones and later on Google play store.

The imposed restrictions only affect the exchange’s global platform and not its Singapore-based exchange platform. As a result, Changpeng Zhao Binance, CEO, urged its users to shift to the segment supporting Singapore trading.

Major crypto exchanges like Binance that served investors’ best interests are running into government resistance. In recent months local regulators in Britain, Italy, and Hong Kong have canceled Binance from providing crypto services.

In addition, Malaysia’s Financial regulator held Binance accountable for illegal operations in the country. Additionally, earlier this year, Binance was under investigation in the United States. Allegedly, both the Internal Revenue Service and the United States Department of Justice are watching it.

Bitcoin live price
Btc
Bitcoin
$29.011
price
0.65697%
price change
BUY NOW

Last month, Zhao insisted that he wanted to improve his working relationships with global government regulators. That would explain his recent take on Singapore’s rules put in place to protect its citizens.

Stay up to date with our latest articles