It has been reported that Singapore-based users will be geo-fenced from certain account functions on the Binance.com website. Binance users in Singapore will no longer have access to fiat deposits, crypto spot trading, liquid swap, and crypto purchases via fiat channels on the website.
The report stated:
“We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance.”
However, based on the new directive, Binance users in Singapore have been urged to cease all related activities impacted by the announcement and to withdraw their fiat and crypto holdings to avoid any disputes. As previously reported, Binance initially rolled back some of its product offerings in the city-state.
At the time, the crypto exchange giant blocked Singapore dollar-denominated crypto trading following warnings from the Monetary Authority of Singapore that the platform had violated local payment laws. A similar action was also taken in South Korea back in August, with the platform halting Korean won-denominated trading. Binance also blocked users in Singapore from downloading its mobile platform from the Google and Apple app stores.
Likewise, Binance has seen significant regulatory scrutiny in many jurisdictions across the globe. Consequently, the exchange has been forced to discontinue some of its services in several countries. Earlier in September, Binance stated that it will stop crypto futures and options trading in Australia, with users in the country given 90 days to close their positions.
Binance has sought to smoothen these regulatory wrinkles by upscaling its customer identification compliance protocols.
Thus, Binance CEO Changpeng Zhao has stated the company’s intention to comply with regulatory demands while also announcing plans for Binance.US, the exchange’s United States arm, to have gone public by 2024.