Binance Restricts Services to Singapore Clients Due to Compliance Reasons

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In Brief
  • Binance, the world's largest cryptocurrency exchange by volume, is restricting some of its services for clients in Singapore, to comply with local regulations.

  • These services include fiat deposits, spot trading of cryptocurrencies,

  • According to the announcement from Binance, the restrictions are being imposed for compliance reasons.

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Binance, the world’s largest cryptocurrency exchange by volume, is restricting some of its services for clients in Singapore, to comply with local regulations.

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As of October 26, Binance users in Singapore will no longer be able to access certain functions on Binance.com. These services include fiat deposits, spot trading of cryptocurrencies, and the purchase of cryptocurrencies through fiat channels and liquid swap. To avoid any disputes, Binance urged its users to settle trades, withdraw fiat assets and redeem tokens by the deadline.  

MAS warnings

According to the announcement from Binance, the restrictions are being imposed for compliance reasons. Previously, Binance said it would curb its Singapore offerings after the central bank warned it could be breaching local payment rules. Earlier this month, MAS did just that, warning Binance.com, and suggesting they stop providing payment services to local residents.

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According to MAS, “Binance may be in breach of the Payments Services Act for providing payment services to, and soliciting business from, Singapore residents without an appropriate license.”

Almost immediately following the warning, Binance ceased offering trading pairs, and payment options in the local currency. It also removed its application from the Singaporean Google Play & iOS app stores. Binance P2P removed SGD trading pairs in Bitcoin, Ethereum, and its own native cryptocurrency, Binance Coin (BNB), on Sept 10. The exchange advised all P2P users to complete all related trades and to remove their trade-related advertisements by Sept 9 to avoid the potential of trading disputes. 

Meanwhile, Binance also operates a separate local platform that has applied for a license from MAS. According to regulations, such applicants are allowed to operate in Singapore while MAS processes their applications. The Financial Conduct Authority (FCA) in the UK operates a similar regime for crypto firms who have applied with them.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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