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

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

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

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