Binance to close fiat currency trading for Singapore users – Bits Media

Binance cryptocurrency exchange will restrict trading for Singapore customers. They will no longer be able to conduct any transactions using fiat currencies.

Against the backdrop of increasing pressure from regulatory bodies with 26 October 2021 of the year users
cryptocurrency exchange Binance from Singapore will no longer be able to access a number of services: deposits of fiat currencies, spot buying and selling cryptocurrencies for fiat, as well as buying cryptocurrencies using swaps. To avoid "potential trade disputes", Singapore users are advised to complete all exchange transactions and withdraw fiat assets before 29 October 2021 of the year.

Binance Singapore Branch Registered
about two years ago. Operational activities are carried out by a local company
Binance Asia Services, which only operates the Binance.sg website and does not provide services through the global exchange portal Binance.com.

This September, the Monetary Authority of Singapore (BUT) put Binance.com on the investor warning list and made
Binance Payment Services Law Alert. Also, the branch of the Binance Asia Services exchange, registered in Singapore, did not receive a license for exchange activities from the regulator..

Binance Reaffirms Its Commitment To Proactive And Compliant With Regulatory Requirements By Restricting Exchange Transactions For Singapore Citizens. Previously, the exchange removed support for trading pairs with the Singapore dollar (SGD) and closed SGD top-up. Also in Google Play and the App Store, the exchange application was closed for users from Singapore..

List of services, which will remain accessible to Singapore residents, Binance does not clarify.