Cryptocurrency exchange Binance today announced changes to its offering in Singapore.
With effect from October 26, 2021, clients 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.
Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday, October 26th, to avoid potential trading disputes.
The changes to Binance’s offerings in Singapore are announced about a week after the company said it will cease offering futures, options, and leveraged tokens to existing Australian users.
The restrictions are implemented as Binance experiences a wave of regulatory actions against it. In July, for instance, Malaysia’s Securities Commission announced enforcement actions against Binance for illegally operating a Digital Asset Exchange. Hong Kong’s Securities and Futures Commission (SFC) has also cautioned against the cryptocurrency firm.
Let’s recall that, in June 2021, the UK Financial Conduct Authority (FCA) announced the imposition of requirements on Binance Markets Limited. The entity is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.