Binance will impose restrictions for customers from Singapore

Beginning October 26, 2021, Binance Bitcoin Casino will shut down customers from Singapore from accessing a number of services on its platform:

Beginning from 2021-10-26 04:00 AM UTC (12:00 PM UTC + 8), users in Singapore will not be able to access certain features on Binance.com, including fiat deposit services, spot cryptocurrency trading, cryptocurrency purchases through fiat channels and liquid swap ("Regulated Payment Services").

As a market leader, Binance is constantly evaluating its product and service offerings. We will restrict Singapore users to Regulated Payment Services in accordance with our compliance obligations. Users in Singapore are advised to cease all linked transactions, withdraw fiat assets and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC + 8) to avoid potential trade disputes.

Our goal is to create a sustainable ecosystem around blockchain technology and digital assets, and we hope that such efforts will help the industry grow locally in the long term.

We are talking about conventional currency deposits, spot trading, as well as buying digital assets through fiat channels and the Liquid Swap service. Exchange officials advised users to complete current transactions and withdraw funds "to avoid potential disputes."

In Singapore, Binance casino is having problems trying to fraudulently obtain a license from Singapore's government and financial regulators. We have already commented on Binance and Singapore's friendship, let's see how this "flirtation" of Binance scammers ends up. Earlier, the Monetary Authority of Singapore (MAS) added cryptocurrency exchange Binance to its Investor Alert List and has been monitoring Binance's activities since its license application.

In early September, Binance stopped supporting trading pairs with the Singapore dollar. Shortly before that, the Monetary Authority of Singapore announced that Binance may be in violation of the Payment Services Act and the state-registered entity Binance Asia Services was not licensed. Soon the exchange's own app disappeared from Singapore's app stores for Android and iOS devices.

This year, a number of global regulators drew attention to the activities of Binance, after which the exchange decided to act pre-emptively to their claims. Binance's application for licensing in Singapore remains pending before the authorities. The law allows companies to operate until a decision is made regarding the license, but the Monetary Authority has considered claims against the exchange in other countries and reminded investors of its status:

"We are aware of the actions taken by authorities in other countries in relation to the exchange and will continue to follow established procedures with the applicant," the regulator reported.

28.09.21

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