Binance.com, a global cryptocurrency exchange platform, has suspended spot trading, fiat purchase channels, liquid swap, and fiat deposit functions. The suspension would take effect on October 26th. The exchange also asked Singapore users to withdraw their tokens and stop trading before the effective date. According to the official press release, the exchange was as follows:
“As the market leader, Binance evaluates its product and service offerings on a regular basis. In accordance with our commitment to compliance, we will restrict Singapore users’ access to Regulated Payments Services. To avoid potential trading disputes, users in Singapore are advised to halt all related trades, withdraw fiat assets, and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC+8).”
Binance’s problems in Singapore began when the country’s Securities Commission placed Binance.com on the Investor Alert List. Following the first regulatory action, Binance ceased certain product offerings in the country before completely suspending key crypto trading features. It is also worth noting that, despite the global platform facing regulatory scrutiny, Binance’s sister company in Singapore has applied for a regulatory license and has been granted an exception until a decision on its filing is made.