Binance expands restrictions for Singapore users

Binance previously announced on 5th September 2021 that it will cease the following services on its app to comply with local regulations.

  • SGD trading pairs
  • SGD payment options
  • Removal of the App from Singapore iOS and Google Play stores

Today, it also announced further suspension of the following services.

  • Fiat deposit services
  • Spot trading of cryptocurrencies
  • Purchase of cryptocurrencies through fiat channels and liquid swap

The new restrictions will take place from 26 October 2021.

What this means for Singapore users

With the upcoming suspension of services, including spot trading and fiat-deposits, it will be almost impossible to buy cryptocurrencies using SGD through Binance.

It’s highly possible that futures trading, options, leveraged tokens and other exotic products on the app will also be banned shortly, making the Binance app useless as an exchange for Singaporeans.

However, other local avenues exist including Gemini (review), Coinhako, FTX and Crypto.com (review) if you’re looking to buy cryptocurrencies.

These alternatives, while more compliant with local regulations, have higher fees and bid-ask spread for consumers making it more costly to acquire cryptocurrencies.

Binance has been the preferred venue due to its cheap fees (0.1%) and deep liquidity. However, it’s running foul with both global and local regulations in recent times.

The UK’s Financial Conduct Authority recently moved to ban Binance after it failed to show compliance with anti-money laundering rules. Japan’s Financial Services Agency also warned Binance in June this year that it is acting illegally in the country as well.

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