Binance, the world’s largest cryptocurrency exchange, has stated that, as of October 26, trading platform users in Singapore would be unable to access the platform’s most basic features.
According to the statement, the services include fiat deposit services, cryptocurrency spot trading, cryptocurrency acquisition through fiat channels, and liquid swap, also known as Regulated Payments Services.
Binance, one of the trading platforms operating in Singapore, has been the focus of the Monetary Authority of Singapore (MAS) in recent weeks. Binance was forced to suspend payment services that used the Singapore Dollar after the exchange was warned for operating unlawfully by the market watchdog. The present decision to suspend most of its perks is intended to appease authorities while restoring confidence in its ability to continue doing business in the Asian country.
Based on this assumption, Binance encourages all traders to close their positions by the specified date.
“As the market leader, Binance constantly evaluates its product and service offerings. We will be restricting Singapore users regarding the Regulated Payments Services in line with our commitment to compliance. Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (Noon UTC+8) to avoid potential trading disputes,” the exchange’s announcement reads.
Binance’s problems in several countries, including the Netherlands, South Africa, and Italy, look to be becoming worse. However, Chief Executive Officer Changpeng Zhao (CZ) has stated that the trading platform’s top priority would be to comply with local rules in the coming months. According to many media sources, while the firm’s decision to stop services in Singapore shows accountability, negotiations with authorities to resume its activities are also underway.