Binance blocks fiat deposits and spot crypto trading for Singapore users. Customers in Singapore will notice certain modifications to Binance’s cryptocurrency trading services.
Singapore-based customers will be geo-fenced from some account features on the Binance.com website, according to a declaration on Binance’s website issued on Monday.
Fiat deposits, crypto spot trading, liquid swap, and crypto purchases via fiat channels will no longer be available to Binance customers in Singapore.
According to the declaration, “we will be limiting Singapore users in respect of the Regulated Payments Services in accordance with our commitment to compliance”.
Binance users in Singapore have been advised to stop all relevant operations impacted by the news. And remove their fiat and crypto holdings to prevent any conflicts, according to the latest order.
Binance announced the newest limitation on its clients in Singapore on Monday.
Following concerns from the Monetary Authority of Singapore that the platform had broken local payment rules, the crypto exchange behemoth banned Singapore dollar-denominated crypto trading. In August, a similar step took place in South Korea, with the site suspending Korean won-denominated trade.
Users in Singapore are also unable to download Binance’s mobile platform from the Google and Apple app stores.
Binance has been the subject of intense regulatory investigation in a number of places across the world. As a result, the exchange has had to suspend parts of its services in a number of nations.
The exchange said in September that it will halt trading crypto futures and options in Australia, giving consumers 90 days to liquidate their positions.
Besides, Binance has scaled up its customer identity compliance processes in order to smooth out these regulatory creases.
In addition, in August, the firm allegedly ceased trading crypto futures in Brazil. After similar halts in its Hong Kong operations. Binance has already suspended futures trading for German and Italian clients. In addition, the Netherlands is part of a wider European-wide effort to phase out certain products.
Meanwhile, Binance CEO Changpeng Zhao has indicated that the business intends to comply with regulatory standards. As well as plans for Binance.US, the exchange’s US branch, to go public by 2024.