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Binance stops a number of its services aimed at Singapore users…Details here

Binance stops a number of its services aimed at Singapore users…Details here

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Answer Binance stops a number of its services aimed at Singapore users…Details here

Binance customers in Singapore will not be able to access a number of services provided by “Binance.com” as of October 26, 2021, according to a statement. export About Binance Today.

These services that Binance intends to discontinue for its Singaporean users include cash deposit services, instant cryptocurrency trading, and cryptocurrency buying through its channels.

According to Binance’s statement:

We will restrict many of our services directed to Singapore users in relation to regulated services and payments in line with our commitment to compliance.

The Binance team also advised Singapore users to stop all related operations, withdraw and redeem their fiat currencies before October 26th by 04:00 AM UTC to avoid potential trade disputes.

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The announcement comes amid a regulatory controversy over Binance’s activity in Singapore.

Singapore government fights Binance:

Cryptocurrency exchange Binance has suffered a series of regulatory controversies in recent months, including in Singapore.

In August, Singapore’s financial services regulator, the Monetary Authority of Singapore (MAS), informed that Binance was not registered with them and was operating illegally.

The company was temporarily exempted from the need for a license under the Payment Services Act due to a transition period when the regulator retroactively reviewed the company’s application for a license.

Earlier a spokesperson for “MAS” stated:

We are aware of the actions taken by other regulatory authorities against the Binance cryptocurrency exchange and will follow up as appropriate with the applicant.

One month later, MAS placed Binance on a warning list, again indicating that Binance does not have a license to operate in Singapore.

Singapore’s financial regulator is not the only one to warn of Binance, but there are many regulators around the world including the UK, Cayman Islands, Italy, Netherlands, South Africa, Malaysia, Japan and others.

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