Select Page

Binance Restricts Services to Singapore Clients Due to Compliance Reasons

Binance Restricts Services to Singapore Clients Due to Compliance Reasons

This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

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

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.

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.

What do you think about this subject? Write to us and tell us!

The post Binance Restricts Services to Singapore Clients Due to Compliance Reasons appeared first on BeInCrypto.

Source: BeInCrypto

All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for the android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.es here

Categories

Select a Sub Category
category
616a9d0599ba1
0
1
Loading....

Reviews

All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber