Binance Restricts Fiat Deposit Services for Users in Singapore

Binance will restrict users in Singapore from accessing fiat deposit services, spot trading of crypto or buy crypto through fiat channels or liquid swap.

From October 26, 2021, Binance, the world's largest crypto exchange,  will stop Singapore users access to a number of services on its platform.

The significant restriction will affect services like deposits in regular currency, spot trading, as well as buying digital assets through fiat channels and the Liquid Swap service.

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The exchange representatives has recommended that users complete ongoing transactions and withdraw funds "to avoid potential disputes."

As a reminder, the Monetary Authority of Singapore (MAS) included Binance on the Investor Alert List. The regulator stressed that it does not control its activities.

In early September, Binance warned that it will ban the use of the Singapore dollar in transactions on the platform, and will also remove applications from the regional App Store and Google Play.

The head of the company, Changpeng Zhao, recommended that Singaporean clients use the platform, which is owned by Binance Singapore. She submitted a license application to MAS and is currently working under an exemption under the Payment Services Act.

Over the past few months, financial regulators in several countries, including the UK , the Netherlands , Italy , Poland , Japan , Thailand , Hong Kong , South Africa and several others , have issued warnings to investors regarding the exchange's activities.

Read also: Huobi and Binance Suspends New User Registrations from China

Against this backdrop, the CEO of the company issued an open letter in which he outlined its plans to ensure compliance and protect customers.

Earlier in September, Zhao announced that Binance was abandoning the "decentralized" model and transforming it into a licensed enterprise with a centralized business.

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