Since last week’s day, Binance has taken some drastic steps that rocked the crypto market. Binance has taken similar action with Houbi by blocking the registration of Chinese users.
Most recently, all of a sudden, the world’s largest crypto exchange by trading volume, Binance has decided to discontinue its services in Singapore. Based on the latest announcement, Binance plans to suspend various services including fiat purchase channels, crypto spot trading, fiat deposit functions, and cash exchange.
The suspension of service will take effect next month starting October 26. The official announcement from Binance states:
“We will restrict consumption for Singapore consumers in order to comply with the conditions imposed by the authorities. Consumers in Singapore are advised to stop all related trades, withdraw investments and crypto assets before 2021-10-26.
As is well known, Binance has faced pressure and surveillance from authorities around the world, including in Singapore. National securities regulators have placed Binance.com under the Investor Watch Register. As a result, Binance along with 699 other companies on this list are unable to offer their services in Singapore.
In addition, Binace also faces charges of violating local payment laws in Singapore. The central bank of Singapore-The Monetary Authority of Singapore (MAS) believes that Binance is likely to violate the Payment Services Law by conducting business without the appropriate license.
On the other hand, Binance is also suspending the offering of crypto derivatives in Australia. Beginning Sept. 24, it will stop offering crypto futures, options, and leverage tokens to its Aussie clients.
Further, Binance also provides a period of 90 days for existing users to reduce and close their positions.
Binance says it has worked constructively with regulators around the world to comply with the rules set.
