Binance discontinues fiat deposit services in Singapore

  • Binance is restricting its Singapore users from accessing certain features
  • Singapore users can no longer deposit fiat currencies, spot trading cryptos and a few other services
  • Binance has been making huge changes in its operational model

Cryptocurrency exchange Binance continues to make changes to its offerings in various countries.

Binance to make changes in Singapore

Leading crypto exchange Binance has announced that it is making certain changes to how it will operate in Singapore. The exchange said it wants to abide by the regulations put in place by regulatory agencies in the country.

The exchange announced this via a blog post earlier today stating that

“With effect from 2021-10-26 04:00 AM UTC (12:00 PM UTC+8), users in Singapore will not be able to access certain functions on including fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap (“Regulated Payments Services”).”

Binance added that it would be restricting Singapore users from certain services in respect of the Regulated Payments Services in line with its commitment to compliance. As such, crypto traders and investors in the country are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday. This is to avoid potential trading disputes.

“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets, and we hope that such efforts will help the industry grow in the local market in the long run,” Binance concluded.

Regulatory pressure is forcing Binance to make some tough changes

The past few months have been tough for Binance in terms of regulation. The crypto exchange had to make tough regulatory changes in various countries, including the United Kingdom, Europe, Hong Kong, Malaysia and a few others.

Binance has also appointed a few former regulatory executives to help it ensure it stays on the good side of regulators.

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