Amid growing regulatory heat, Binance — the world’s largest cryptocurrency exchange by trading volume — will restrict users in Singapore from buying cryptocurrencies using fiat, spot trading and liquid swaps on its main platform starting Oct. 26, according to a company announcement.

Fast facts

  • Binance is advising users in Singapore to cease all trades, withdraw fiat assets and redeem tokens by Oct. 26 4:00 a.m. UTC (12:00 p.m. Singapore time) to avoid potential trading disputes. While transfers are blocked from to, transfers from to are possible, a Binance spokesperson told Forkast.News.

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  • Binance currently operates in Singapore as or Binance Asia Services (BAS) under an exemption from holding a license as part of transitional arrangements under the city-state’s Payment Services Act (PS Act) for the provision of digital payment token services. The exemption allows entities to provide services while their license applications are being processed, and will cease when an entity’s license application is approved, rejected or withdrawn. The application for Binance Asia Services is currently under review.
  • A MAS spokesperson previously told Forkast.News: “As Binance did not apply for a license under the PS Act, MAS has listed on the Investor Alert List (IAL), to warn consumers in Singapore that Binance is not regulated or licensed in Singapore to provide any payment services. Binance is required to cease providing payment services which are regulated under the PS Act to Singapore residents and cease soliciting such business from Singapore residents.”

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