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 Binance.com platform starting Oct. 26, according to a company announcement.
Fast facts
- Binance is advising Binance.com 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 Binance.sg to Binance.com, transfers from Binance.com to Binance.sg are possible, a Binance spokesperson told Forkast.News.
- Binance’s reduction of its offerings in Singapore comes amid the increasing pressures that the company has come under from regulators in the city-state and elsewhere in the world, including the U.S., Netherlands, Thailand, Germany, Japan, Cayman Islands, Italy and Hong Kong. Earlier this month, Singapore’s financial regulator — the Monetary Authority of Singapore (MAS) — added Binance.com to its Investor Alert List, which flags entities that are unregulated but may have given the public the impression that they are licensed by MAS. Binance subsequently said it would remove itself from app stores in Singapore, as well as end support for Singapore dollar (SGD) trading pairs and payment options.
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- Binance currently operates in Singapore as Binance.sg 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license applications are being processed, and will cease when an entity’s license application is approved, rejected or withdrawn.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 Binance.com 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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