Singapore Users Are No Longer Able To Use Binance: Why?

Recent update on the Binance website, starting from Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC+8) Singapore users will no longer be able to access the main trading function on Binance, which includes fiat depositing, cryptocurrency spot trading, and buying of digital assets using fiat and liquid swap.

Binance, one of the world's largest cryptocurrency exchanges, said on Monday that users in Singapore would no longer be allowed to buy and trade cryptocurrencies on its main platform, to comply with local regulation.

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.

Crypto exchanges such as Binance, which previously could serve almost all markets in the world from one platform, are increasingly running into resistance from local regulators, who want to be able to monitor their operations better.

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