Binance Restricts Deposits and Spot Trading Services For Users in Singapore

Leading cryptocurrency exchange, Binance has recently revealed new restrictions on the services it provides to its Singaporean customers in a new statement.

According to a blog post published on Monday, Binance noted that in compliance with local regulation, all Binance users will no longer be allowed to access certain features on its main platform.

As per the new changes, which are scheduled to take effect on October 26, Binance users in Singapore will no longer be able to access “fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap,” on the website.

Binance noted in the blog post that this new move was to ensure its commitment to the compliance requirements of the countries it operates.

It said,

“We will be restricting Singapore users in respect of the Regulated Payments Services in line with our commitment to compliance.”

As a safeguard, Binance has urged all its Singaporean users to cease all transactions related to the various impacted services and to withdraw both their fiat and crypto holdings before the due date to avoid any trading disputes.

Binance Continues to Battle Legal Woes

This new development comes just a few weeks after Binance had received a warning from the Monetary Authority of Singapore (MAS).

The regulatory body added Binance to its Investor Alert List, noting that the crypto exchange had failed to apply for a license under local laws and was providing citizens with various payment services without an appropriate license.

This is just one of the many regulatory issues that Binance has been facing in recent months. The crypto exchange appears to have been the target of regulatory watchdogs from different countries.

Binance has received warnings from regulators in virtually every country where its services are available, from the US Justice Department, the Internal Revenue Service (IRS), the UK Financial Conduct Authority (FCA), to Thailand’s Securities and Exchange Commission (SEC).

Recently, though, it has managed to solve some of these regulatory problems. Just last month, the FCA noted that Binance has fully complied with its imposed requirements.