Binance Is Now Making Changes To Its Offerings In Singapore
Cryptocurrency exchange Binance has been making huge changes to its offering in various countries, and this time it is focusing on Singapore.
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.
In a blog post earlier today, 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.
The exchange said it made this decision after evaluating its offerings and services in Singapore. “We will be restricting Singapore users in respect of the Regulated Payments Services in line with our commitment to compliance,” Binance added.
Furthermore, 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.
BNB, the native coin of the Binance crypto exchange, is up by more than 2% over the past 24 hours. The rally comes as the broader cryptocurrency market starts to recover from a recent dip. At the time of writing, BNB is trading at $349 per coin.
If the rally is maintained, BNB could rally higher above the $350 per coin in the coming hours and days.