Binance to halt fiat deposits, spot crypto trading in Singapore

Binance said that Singapore users of Binance.com, its cryptocurrency trading platform, will not be able to access certain functions, including fiat deposits, spot trading, liquid swap, and cryptocurrency purchases through fiat channels.

Binance CEO Changpeng Zhao / Photo credit: Coinpedia

“Users in Singapore are advised to cease all related trades, withdraw fiat assets, and redeem tokens by Wednesday […] to avoid potential trading disputes,” Binance said in a statement. The move doesn’t affect Binance.sg, a separate exchange that it runs in Singapore.

The announcement comes after the crypto exchange – one of the largest globally – was issued a warning by the Monetary Authority of Singapore (MAS) for operating payment services in the city-state without a relevant license. Binance was also ordered to stop offering its payment services to Singapore residents.

Changpeng Zhao, the CEO of Binance, had previously said in a statement to Tech in Asia that the platform was taking the necessary steps “in regards to global compliance/regulatory landscape changes.”

See Also: Binance loophole may allow users to skirt Singapore ban

Early in September, Binance removed Singapore-dollar trading pairs from its global platform and stopped offering payment options in Singapore dollars. The company then introduced a feature that seemingly allowed users to skirt around the MAS order but the workaround was soon disabled.