Binance To Restrict Its Services In Singapore
Binance, the world’s leading cryptocurrency exchange by trading volume, announced earlier today that it is making changes to its offerings in Singapore. This latest development comes as the digital asset exchange continues to amend its practices to ensure that it is in line with regulatory requirements.
Binance said starting today, users in Singapore will not be allowed to access certain features on the cryptocurrency exchanges. Some of these features include the purchase of cryptocurrencies through fiat channels, fiat deposit services, spot trading of cryptocurrencies, and liquid swap
Singapore Binance users were asked to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday to avoid potential trading disputes. Binance said it intends to put in place a sustainable ecosystem around blockchain technology and digital assets.
Binance Might Make Changes In Other Parts Of The World
The cryptocurrency exchange has made massive changes to how it operates in various parts of the world. In recent months, Binance had to discontinue its derivative trading services in Hong Kong, Europe, the United Kingdom, and other territories.
With the mounting regulatory pressure on Binance and other cryptocurrency exchanges, it will make similar moves in other parts of the world. The exchange has been hiring former regulatory executives to help design its services to ensure it complies with all the regulations stipulated by various governments.
