Binance to Restrict Offerings in Singapore

Users will no longer be able to access fiat deposit services and spot trading of crypto, buy crypto through fiat channels or “liquid swap.”

Sep 27, 2021 at 10:09 a.m. UTC
Updated Sep 27, 2021 at 2:09 p.m. UTC

Binance, the world’s largest crypto exchange, is about to introduce severe restrictions on its offering to users in Singapore.

  • As of Oct. 26, users will not be able to access fiat deposit services or spot trading of crypto, buy crypto through fiat channels or “liquid swap,” Binance announced Monday. On Binance, a liquid swap means the ability to trade instantly and pool tokens to earn rewards.
  • Binance is recommending affected users to cease all related trades, withdraw fiat assets and redeem tokens by 04:00 UTC Oct. 26.
  • Singapore’s central bank recently announced that Binance may be in violation of the country’s Payment Services Act, prompting the crypto exchange to eliminate Singapore dollar trading pairs and payment options.
  • Binance has been attempting to act proactively to address regulators’ concerns in recent months, and its Singaporean affiliate is now awaiting the review of its application to operate in the city-state.

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Jamie Crawley is a CoinDesk news reporter based in London.