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.
- 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.