Binance announced a new round of curbs for its Singapore business, restricting crypto trading for users in the city-state.
Users in Singapore will no longer be able to deposit fiat money, trade or purchase crypto via Binance.com from October 26, according to a statement.
Advisers were also told to cease all related trades, withdraw fiat assets and redeem tokens by the deadline.
We will be restricting Singapore users in respect of the regulated payments services in line with our commitment to compliance, said Binance. Our aim is to create a sustainable ecosystem around blockchain technology and digital assets, and we hope that such efforts will help the industry grow in the local market in the long-run.
While the Monetary Authority of Singapore has issued warnings about potential breaches of the Payment Services Act at Binance.com, which is operated by Binance, it is currently reviewing a license application from Binance.sg, which is operated by Binance Asia Services (BAS).
Binance.sg is viewed by some users as the lighter version of Binance.com with a smaller offering and significantly less liquidity.