The crackdown on Binance in the region takes a new turn with the cryptocurrency platform saying it will comply with the Singaporean Monetary Authority of Singapore (MAS) directive ordering it to cease providing payment services that are regulated under the Payment Services Act to Singapore residents.
As a result, Binance.com users in Singapore have been given one month to withdraw their fiat assets and redeem their tokens from the world’s largest cryptocurrency exchange by trading volume.
On Monday (Sept 27) Binance.com said that users in the Republic would no longer be allowed to buy and trade cryptocurrencies on its main platform next month.
“Users in Singapore will not be able to access certain functions on Binance.com including fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap (“Regulated Payments Services”).”
“As the market leader, Binance constantly evaluates its product and service offerings. We will be restricting Singapore users in respect of the Regulated Payments Services in line with our commitment to compliance,” Binance said on its website.
Binance.com has removed the app from the Singapore iOS and Google Play stores meaning users are not able to download the app or get app updates.
Meanwhile, new users will also be required to complete an intermediate verification form to access the platform’s products and services, which will include providing information in their country of residence.
In September, Binance was placed on MAS’ Investor Alert List and ordered to cease providing payment services.
Singapore users can still open accounts with Binance.sg, the local arm of Binance.com.
