Trading News

Read The Latest News & Analysis

Binance Ban in Singapore is Looming

Binance Ban in Singapore
Share on:

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

Geo-fencing of Singapore-based users started earlier this month. Binance discontinued some of its SGD offerings following the regulatory warnings.

Also Read: China’s Crackdown on Crypto

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.

Recent News

crypto market

Tesla Sold 75% of its Bitcoin Holdings

Tesla has backed off from its bitcoin investment The electric car company sold 75% of its Bitcoin holdings in the second quarter The financial disclosure report of

crypto market

Another Day, Another Crypto Scam

Another day, another crypto scam Crypto Hackers managed to hack the official Twitter, Facebook, and YouTube accounts of the British Army on Sunday They started posting phishing

crypto market

Major Crypto Coins are Facing Slump

Major Crypto Coins faced losses last Friday after slumping to their lowest levels of the year The market cap of the 100 largest crypto tokens declined by 50% Bitcoin has done

crypto market

Over 50% of Bitcoin Holders are in Profit

Bitcoin fell to $17,600 over the weekend The price reached a 19-month low after retracing 845% from all-time highs However, 562% of bitcoin holders are still in profit This

Let's Chat