Binance Continues To Shut Down Services In Singapore

2021-09-27 16:58:09
Binance Continues The ‘Shut-Down Trend’

One of the leading crypto exchanges, Binance, announces drastic measures after further restriction of its services for Singapore residents. According to the official statement, Singapore customers will no longer have the full plethora of Binance’s trading services on disposal.

Convenient features such as crypto spotting, crypto trading, accessing fiat deposits and liquid swap will no longer be available.

We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance.Binance | Official Statement

As a result, the customers in Singapore have instructions to immediately withdraw their funds (crypto and fiat). In addition, the provider asks for a cease of all operations/services that are in direct violation of the directive.

The news about the new restrictions of Singapore is just the latest of its kind imposed by this leading crypto exchange. In fact, Binance already withdrew some of its unique services for Singapore users a while ago. Back then, Binance blocked users from crypto trading with Singapore’s dollar-denomination currency.

A decision that is a result of the several warnings by the Monetary Authority of Singapore. That is after it was found that Binance breached the local financial laws. Up to such extent, that Binance even restricts Singapore customers from downloading its mobile version. That is from both Apple and Google app stores.

Binance Against The Country Regulators

Consequently, this action is rather similar to the situation in Korea. Due to violation the regulatory laws of South Korea, Binance had no choice, but to immediately cease all won-denominated trading activities.

Another similar situation occurred in Australia. In fact, just about a week ago Binance announced that it will cease all trading activities and crypto futures. As a result of this decision, users in Australia have 90 days to fully shut down their positions and stop all trading.singapore

While Binance is strongly walking towards a wide US market release, the number of regulators that are against this exchange grows by the day. And it is because of this tremendous pressure from several official authorities, that Binance is completely changing its approach.

Even the CEO of Binance, Changpeng Zhao, states that the main goal for them is to eventually comply with every rule and law imposed by these regulators.

And while Binance intensifies the restriction of services for Singapore citizens, the world eagerly waits to see the outcome. Especially since more than half of crypto-traders have a Binance account. Hence, it is only natural that whenever Binance makes a move, it is bound to end up on news covers throughout the world.

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