Binance’s suspension of spot crypto trading and other services in Singapore is the latest announcement amid regulatory hurdles and regulatory issues facing the leading exchange.
According to the announcement by Binance on its website, users in Singapore can no longer access certain services on the crypto exchange.
These services include “fiat deposit services, spot cryptocurrency trading, buying cryptocurrencies through fiat channels, and liquidity swaps (“ regulated payment services ”), read the announcement.
The service change for users in Singapore will take effect on October 26, 2021. Binance has advised all traders to complete their trades in a timely manner and withdraw their assets as soon as possible.
The move comes after the crypto exchange stops offering SGD trading pairs and removes the mobile app from stores in the country.
Previously, a financial regulator in Singapore had issued an investor warning about Binance saying it could violate the country’s Payment Services Act. Recent changes to the company’s inbound offerings appear to be due to this warning.
The cryptocurrency exchange said:
“As a market leader, Binance continuously evaluates its products and services. We will limit Singapore users to the Tailored Payment Service in line with our commitment to compliance. Singapore users should cease all related transactions, withdraw fiat assets and redeem tokens by 04:00 UTC (12:00 UTC +) by Wednesday, 10/26/2021 at 04:00 UTC (12:00 UTC +.) 8) 8) to avoid potential transaction disputes. “
Singapore’s warning of the world’s largest cryptocurrency exchange by market volume is just one of many in a list of warnings issued by financial watchdogs around the world. Some of the countries this company is based in are Italy, UK and Hong Kong.
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Binance’s problems in Singapore began after the country’s Securities Commission put Binance.com on their Investor Alert List. Following the initial regulatory action, Binance stopped offering certain products in the country before the major crypto trading functions were completely discontinued. It’s also important to note that Singapore-based Binance’s Sister has applied for a regulatory license and received a waiver pending a decision on filing, despite the global platform experiencing significant disruption.
Singapore is considered Binance’s next home after government audits by nearly a dozen countries. However, a number of new events suggest that Singapore regulators are also following the global exchanges despite hosting their sister company. The regulatory problems facing the world’s leading stock exchange seem to be endless as more and more countries are taking action.
The cryptocurrency exchange has made a number of decisions over the past few months to negotiate its way with regulators, from suspending derivatives services in some countries to experts. Not much has changed in this regard, however, as the crypto exchange is now planning to set up a central headquarters and is also looking for a change of CEO if that can help.
Over the past few months, Binance has made many changes to their services to comply with regulatory requirements around the world.
A major change to their service is the removal of security tokens due to regulatory pressures from Hong Kong.
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