Binance will no longer allow its users in Singapore to use the Deposit and Spot Trading channels.
According to the update released by Binance, from September 26, 2021, users in Singapore will no longer be able to access Binance’s main trading function, which includes depositing fiat, spot trading cryptocurrencies, and purchasing digital assets using fiat and liquid swaps.
In the update, Binance stated that the company will restrict transactions from Singaporean users in connection with “Regulated Payment Services” as part of the company’s commitment to compliance with the Singapore government. Singaporean investors have been advised to stop all trading and withdraw their FIAT holdings. All tokens owned will be transferred back to users.
While Binance added that they are looking forward to re-serving in Singapore by negotiating with the regulatory authorities in Singapore again. The current decision was taken to help the cryptocurrency industry grow in the local market.
Previously, Binance removed support for trading pairs in Singapore dollars (SGD) and turned off the SGD payment option on its website. Binance app on Google Play and App Store was blocked for users from Singapore.