Binance ban in Singapore may be near. On Monday, Binance announced a block on fiat deposits and spot crypto trading for users based in Singapore.
Binance is facing regulatory issues in Singapore. The exchange was forced to restrict its operations. Users will not be able to deposit fiat funds, use the spot crypto trading feature, or liquid swap tokens on binance.com.
Geo-fencing of Singapore-based users started earlier this month. Binance discontinued some of its SGD offerings following the regulatory warnings.
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Blockade or discontinuation of exchange services often brings panic among the customers. Nonetheless, Binance users from Singapore have plenty of time at their hands to redeem their assets. The exchange has given time until next month for withdrawal. “Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes,” the announcement reads.
Binance comes among the top 5 exchanges according to trading volume. However, it has been facing regulatory issues in several countries lately. A few weeks earlier, the platform stopped crypto futures and options trading in Australia.
Binance exchange is struggling to comply with regulatory protocols of different countries around the globe. The platform’s KYC (Know Your Customer) model was improved in August. It now requires immediate verification of documents including government ID, facial verification, and proof of residence.
Being one of the popular exchange in the world, Binance has a lot on its plate. According to CEO Changpeng Zhao, the exchange has plans to go public in the USA by 2024 after complying with regulatory demands.