Binance today announced it will stop offering crypto trading in Singapore, effective from 26 October 2021.
The crypto exchange published a statement on its website today saying its Singapore users will not be able to access crypto trading functions such as “fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap.”
The official statement said:
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. Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes.
Binance pointed out that its goal is creating a sustainable ecosystem around blockchain technology and digital assets.
Binance Singapore recently announced the appointment of the former CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), Richard Teng, as its Chief Executive Officer.
