Binance’s customers in Singapore will no longer be able to deposit fiat funds into their accounts and trade spot on the exchange after next month.
- According to Binance’s announcement on Monday, users in Singapore will also not be able to use fiat channels on the exchange to buy cryptocurrencies.
- It was stated that the restrictions will come into effect on October 26, while customers in Singapore were advised to withdraw the fiat money they hold on the exchange by this date.
- Singapore’s central bank and regulator, MAS, filed a lawsuit against Binance earlier this month for not having the necessary authorization to provide payment services. had issued a warning.
- After this warning, Binance removed the trading parities and payment options it opened for the Singapore dollar.
- Singapore licenses crypto companies that meet the requirements in the region under the Payment Services Act, which came into effect in 2019.
Image: Binance Logo (Marco Verch/Flickr, image modified by Koin Bulletin)
The article titled Binance Restricts Its Services in Singapore was prepared by Ömer SAKMAR and published on koinbulteni.com.