Binance has announced changes to offerings available to customers in Singapore amid growing regulatory unrest.
The company has announced the discontinuation of multiple crypto services for Singapore users. The news follows a string of regulatory controversies in Singapore and around the world.
Binance Customers in Singapore will no longer be able to access quite a few services on Binance.com as of October 26, 2021, per a statement made by the exchange today.
These services include fiat deposit providers, spot trading of cryptocurrencies, and the purchase of cryptocurrencies through fiat channels and liquid swaps.
“We will be restricting Singapore customers in respect of the Regulated Funds Services in step with our dedication to compliance,” Company said within the assertion. The Binance crew additionally suggested Singapore customers to stop all associated trades, withdraw fiat property and redeem tokens on October 26 by 04:00 am UTC to “avoid potential trading disputes.”
The announcement comes amidst regulatory controversy for the exchange in Singapore.
Binance Singapore struggles
the crypto exchange has suffered a string of regulatory controversies in recent months, including in Singapore.
In August, Singapore’s financial services regulator—the Monetary Authority of Singapore (MAS)—stated Binance’s Singapore-registered entity, Binance Asia Services, was not yet licensed in the jurisdiction.
The agency was briefly exempt from needing a license beneath the Payment Services Act due to a transitional period when the regulator retroactively reviewed the company’s application for a license.
At the time, the MAS didn’t strike an optimistic tone. “We’re conscious of the actions taken by different regulatory authorities towards the crypto exchange and can observe up as acceptable with the applicant,” a MAS spokesperson told on the time.
One month later, the MAS positioned Binance on an Investor Alert Checklist, signaling but again that the crypto exchange doesn’t have a license to operate in the country.
Elsewhere, the crypto exchange has raised the ire of regulators within the UK, the Cayman Islands, Italy, Holland, South Africa, Malaysia, Japan, and others. However, Singapore hits close to home, as it’s where the firm’s CEO, Changpeng Zhao, lives.