Binance blocks a series of services for its Singapore users
Binance has recently announced a series of changes in its crypto trading services for its customers in Singapore.
According to Binance’s official statement published on its website on Monday, its users in Singapore would be geo-fenced from a list of account functionalities on the Binance.com website.
Singaporean users would no longer have access to crypto spot trading, fiat deposits function, liquid swap and crypto purchases through fiat currencies on the website.
The official statement of Binance said that as a response to Regulated Payments Services, the changes had been made as the crypto exchange giant enforced its “commitment to compliance.”
According to the new directives, Singaporean users of Binance have been ordered to cease all related transactions and activities that are affected by the announcement. They have also been urged to withdraw their crypto as well as fiat holdings to further avoid any disputes.
Binance has also rolled back a list of its products offerings from Singapore, pertaining to the latest restrictions by the country’s government.
Changpeng Zhao, CEO of Binance, has acknowledged the company’s intention of complying with regulatory demands of jurisdictions while simultaneously announcing plans for Binance US to go public by 2024.
The crypto exchange giant has also blocked Singapore dollar-denominated crypto trading after warnings from Singapore’s Monetary Authority of the platform violating local payment regulations.
A similar action was taken by South Korea in August 2021, with Binance halting Korean won-denominated trading.
Binance has also blocked its users in Singapore from downloading its mobile platform from Google and Apple app stores.
Binance has been facing several regulatory scrutinies under global jurisdictions. The exchange has also been forced to discontinue its products and offerings from many countries across the globe as a result.
In September 2021, Binance had stated that it would stop crypto futures and options trading from Australia while giving the users 90 days for closing their positions.
To respond to further regulatory restrictions, Binance has announced upscaling customer identification and compliance protocols in the platform.
