The crypto giant, Binance has banned Singapore Users from accessing its platform globally. The crypto firm stated that beginning October 26, Singapore users will be unable to perform any transactions on its platform, including spot trading, depositing, buying, or selling Cryptocurrencies.
The company claims that its global service is continually evaluating its offers to ensure that they not only suit the needs of users, but also adhere to local rules. In an email, the firm’s representative said,
“We are collaborating with the Monetary Authority of Singapore and other global regulators to comply with the necessary regulatory standards and support any required service adjustments.” “In this new sector, we are actively keeping informed of evolving policies, norms, and laws.”
The Singapore dollar trading pairs and payment options have been discontinued by Binance Global. And their Mobile app was also taken down from the Apple and Google Play stores in Singapore.
The announcement came after the Monetary Authority placed the crypto trading website on its investor alert list, which contains uncontrolled firms that could be mistakenly regarded as licensed or regulated by authorities.
According to Binance, this decision was made to show commitment to Local rules and regulations. They further advices Singapore users to stop all linked trades, withdraw fiat money, and redeem tokens before the October deadline.
