Binance to restrict crypto offerings to Singapore users on its main platform

Crypto exchange Binance announced Monday that it will no longer offer certain services to Singapore users on its main platform,

The services include fiat deposit, spot trading of crypto, and the purchase of crypto through fiat channels and the Liquid Swap application. These are "regulated payments services" and will no longer be provided from October 26 to comply with local regulation, said Binance.


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It is not clear whether these services will instead be offered via, Binance's Singapore platform. It is also not clear whether will continue to offer other services such as crypto-to-crypto and derivatives trading to Singapore users. The Block has reached out to Binance and will update this story should we hear back.

The restrictions come three weeks after was placed on the investor alert list by the Monetary Authority of Singapore (MAS) earlier this month. At the time, Binance ceased Singapore dollar trading pairs and payment options. 

A Binance spokesperson at the time told The Block that and are separate exchanges. Binance operates in Singapore through Binance Asia Services Pte. Ltd., and this entity has applied for a license under the Payment Services Act with the MAS. Currently, the entity operates under the relevant exemption granted by the MAS.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.