Binance crypto-exchange takes down apps in Singapore; users to withdraw funds by 26 Oct

Singapore's central bank has instructed Binance to cease operations in the country


Carl Adrian

28 Sep, 2021

Binance crypto-exchange takes down apps in Singapore; users to withdraw funds by 26 Oct | BEAMSTART News

- From our Sponsors -

Binance, the world's most popular cryptocurrency exchange, will no longer allow users to trade cryptocurrencies on its global platform (Binance.com) in Singapore.

On 2nd September, Singapore's central bank placed Binance under the "Investor Alert List" and ordered the company to shut down all payment services to users in the country.

Key Highlights

  • Users in Singapore will no longer be allowed to buy and trade cryptocurrencies on Binance.com and its apps.
  • Existing users in Singapore have been given 1 month (until 26th October) to withdraw all their fiat assets from the platform.
  • Binance's apps have also been removed from the app stores, and new user registrations in Singapore are now restricted.

Why It Matters

  • This move by Singapore's central bank comes as regulators found Binance in brach of the "Payment Services Act" — providing payment services without an appropriate license.
  • While Binance is in the process of working with Singapore's authorities to be in compliance with the country's regulations, there is no certainty to when the ban will be lifted.
  • For the time being, users can still trade cryptocurrency using Binance.sg (Binance's Singapore platform), albeit only a limited number of cryptocurrencies can be traded.
  • Earlier last month, Binance was also ordered to cease operations in Malaysia, with users in the country being instructed to withdraw their fiat assets.
  • Early in September, Binance removed Singapore-dollar trading pairs from its global platform and no longer offered payment options in Singapore dollars.

- From our Sponsors -

Latest Jobs

Founding Product Designer

AviaryAI

New York,

Full Time

USD 80000 — USD 115000 yearly

Mid Market Account Executive

Prodigal

California,

Full Time

USD 200000 — USD 280000 yearly

Frontend Engineering Intern

vly.ai

California,

Internship

USD 5200 — USD 8700 yearly

Summer Software Engineering Intern (now and Summer 2026)

Browser Use

California,

Internship

USD 6000 — USD 16000 yearly

Account Executive/GTM

Solve Intelligence

England,

Full Time

USD 100000 — USD 200000 yearly

ML Research Engineer

Zoa Research

New York,

Full Time

USD 150000 — USD 300000 yearly

Founding Engineer

Zaymo

Utah,

Full Time

USD 80000 — USD 180000 yearly

Founding Engineer

Lendtable

New York,

Full Time

USD 160000 — USD 190000 yearly

Computer Vision Internship/Co-Op Fall 2025

Yondu

California,

Internship

USD 9000 — USD 15000 yearly

Product Engineer

Adaptyv

Vaud,

Full Time

Salary Undisclosed

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2025 BEAMSTART. All Rights Reserved (Legal).