Binance to ban Singapore users from trading platform
Binance, one of the world’s largest cryptocurrency exchanges, announced in a statement published on Monday that users in Singapore will no longer be allowed to trade cryptocurrencies on their main platform, in an attempt for the company to achieve compliance with local regulation.
Functions no longer available to users in the city-state include “fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap.” This decision comes following a warning issued to Binance.com by The Monetary Authority of Singapore (MAS), stating that the company could be “breaching local laws” by providing payment services to Singapore residents.
“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets, and we hope that such efforts will help the industry grow in the local market in the long run,” said Binance in the statement.
Get involved!
Comments