Binance To Stop Multiple Crypto Services For Singapore Users

The world's top cryptocurrency exchange Binance has decided to stop its services for Singapore users. 

On Monday, Binance said that users in Singapore would no longer be allowed to buy and trade cryptocurrencies on its main platform. 

From Oct. 26, users in the country will lose access to fiat deposit services, spot trading of cryptocurrencies and the purchase of cryptocurrencies through fiat channels and liquid swaps. 

"We will be restricting Singapore users in respect of the Regulated Payments Services in line with our commitment to compliance," Binance said in the statement.

Earlier this month, the Monetary Authority of Singapore (MAS) warned Binance that it could breach local laws and should stop its services in the country. 

Binance Singapore is allowed to operate in Singapore under an exemption while the MAS processes applications.

Last month, Binance explored opportunities to get government funding despite having found itself in the crosshair of multiple financial regulators.

Regulators in Britain, Italy and Hong Kong have said Binance units are not authorized to carry out some activities in their markets. In addition, Malaysia's financial regulator reprimanded the exchange for operating illegally there.