Binance, the world’s largest crypto exchange, is about to introduce severe restrictions on its offering to users in Singapore.
- As of Oct. 26, users will not be able to access fiat deposit services, spot trading of crypto or buy crypto through fiat channels or liquid swap, Binance announced Monday.
- Binance is recommending affected users to cease all related trades, withdraw fiat assets and redeem tokens by 04:00 UTC Oct. 26.
- Singapore’s central bank recently announced that Binance may be in violation of the country’s Payment Services Act, prompting the crypto exchange to eliminate Singapore dollar trading pairs and payment options.
- Binance has been attempting to act proactively to address regulator concerns in recent months and is currently awaiting the review of its application to operate in Singapore.