Binance to restrict crypto offerings to Singapore users on its main platform

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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.

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May 5, 2022, 3:17PM UTC
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