The digital currency exchange Binance has announced it will no longer offer spot crypto trading and other services in Singapore.
Crypto Exchange Binance Restricts Services In Singapore
As announced by Binance on its website, users in Singapore can no longer access certain services on the crypto exchange.
These services include “fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap (“Regulated Payments Services”),” reads the announcement.
The change in offerings for Singapore users will go in effect from 26 October 2021. Binance has advised all traders to complete their trades in time and withdraw their assets as soon as possible.
The move comes after the crypto exchange already stopped providing SGD trading pair services, and removed the mobile app from the country’s stores.
Earlier, a Singapore financial regulator issued an investor alert regarding Binance, saying that it may be in violation of the nation’s Payment Services Act. The recent changes to the offerings in the country by the firm seem to be motivated by this alert.
The crypto exchange says:
As the market leader, Binance constantly evaluates its product and service offerings. We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance.
Singapore’s alert regarding the world’s largest crypto exchange by market volume is just one of many among the list of warnings that financial watchdogs around the world have issued. Some of the countries that have the firm in their crosshairs are Italy, UK, and Hong Kong.
In the last few months, Binance has made many changes to their services in order to be compliant with regulatory rules around the world.
One major modification to their services has been the removal of stock tokens due to regulatory pressure from Hong Kong.
At the time of writing, BTC’s price floats around $45.6k, down 0.3% in the last seven days. Over the last thirty days, the crypto has lost over 10% in value.
Here is a chart showing the trend in Bitcoin’s price over the last five days:
BTC's price seems to be recovering from the crash caused by China's crypto ban | Source: BTCUSD on TradingView
As Binance observes a significant amount of Bitcoin trading volume (around $1.6 billion), large netflows into or out of the exchange can affect the price of the coin.
Just earlier, the crypto exchange showed big inflows right before the price of the coin showed a dip. Because of this, it could be worth keeping an eye on the exchange’s netflows.
Featured image from Unsplash.com, chart from TradingView.com