Binance to restrict crypto offerings to Singapore users on its main platform
September 27, 2021, 8:07AM EDT
1 min read
Crypto exchange Binance announced Monday that it will no longer offer certain services to Singapore users on its main platform, Binance.com.
The services include fiat deposit, spot trading of crypto, and the purchase of crypto through fiat channels and the Liquid Swap application. These are "regulated payments services" and will no longer be provided from October 26 to comply with local regulation, said Binance.
It is not clear whether these services will instead be offered via Binance.sg, Binance's Singapore platform. It is also not clear whether Binance.com will continue to offer other services such as crypto-to-crypto and derivatives trading to Singapore users. The Block has reached out to Binance and will update this story should we hear back.
The restrictions come three weeks after Binance.com was placed on the investor alert list by the Monetary Authority of Singapore (MAS) earlier this month. At the time, Binance ceased Singapore dollar trading pairs and payment options.
A Binance spokesperson at the time told The Block that Binance.com and Binance.sg are separate exchanges. Binance operates in Singapore through Binance Asia Services Pte. Ltd., and this entity has applied for a license under the Payment Services Act with the MAS. Currently, the entity operates under the relevant exemption granted by the MAS.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.