From 26 October 2021, bitcoin exchange Binance will block users from Singapore from accessing a number of services on its platform.
Changes to Binance Offerings in Singapore
This includes deposits in regular currencies, spot trading, as well as the purchase of digital assets through fiat channels and the Liquid Swap service.
Exchange officials have advised users to complete ongoing transactions and withdraw funds "to avoid potential disputes".
Earlier, the Monetary Authority of Singapore (MAS) included Binance in the "Investor Alert List" (Investor List). The regulator stressed that it has no control over its operations.
In early September, Binance warned that it would ban the use of the Singapore dollar in transactions on the platform, as well as remove applications from the regional App Store and Google Play.
Changpeng Zhao, head of the company, recommended that Singaporean customers use the Binance.sg platform, which is owned by Binance Singapore. It has applied to MAS for a licence and is currently operating under an exemption under the Payment Services Act.
Over the past few months, financial regulators in several countries including the UK, Netherlands, Italy, Poland, Japan, Thailand, Hong Kong, South Africa and several others have issued warnings to investors regarding the exchange's operations.
Against this backdrop, the company's CEO has published an open letter outlining its plans for regulatory compliance and customer protection.
As a reminder, in September Zhao announced that Binance was abandoning its "decentralised" model and transforming into a licensed entity with a centralised business.
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