Binance, the world’s largest cryptocurrency exchange by volume, has stated that it will stop its users in Singapore from accessing certain functions on the cryptocurrency trading platform.
These functions include fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap.
The statement which was released by Binance read, “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.”
The statement further encouraged Singapore users to cease all related activities as it relates to the announcement and withdraw their fiat and crypto holdings to avoid any disputes.
“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,” it stated.
The announcement made by the exchange is the latest restriction imposed on its customers in Singapore. Other actions taken by Binance include; rolling back some of its product offerings and blocking users in Singapore from downloading its mobile platform from the Google and Apple app stores.
Binance has seen significant regulatory scrutiny in many jurisdictions across the globe. Consequently, the exchange has been forced to discontinue some of its services in several countries.
Binance’s latest restriction in Singapore follows a series of similar restrictions in other countries amid the exchange facing several warnings from multiple global regulators. This month, Binance discontinued cryptocurrency futures and options in Australia.
In August, Binance halted crypto derivatives trading in Brazil, following similar suspensions on its Hong Kong operations. Binance also suspended derivatives trading for users in Germany, Italy and the Netherlands as part of its broader plans to cease these products across Europe.
The announcement concluded by stating, “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.”
Binance’s native token BNB is up 0.61%, currently trading $346.97 as of the time of this writing.