For users in Singapore, Binance has made some improvements to its crypto trading services.
Singapore-based users will be geo-fenced from certain account functionalities on the Binance.com website, according to a message posted on the website on Monday.
Fiat deposits, crypto spot trading, liquid swap, and crypto purchases via fiat channels will no longer be available to Binance users in Singapore.
According to the statement, “we will be restricting Singapore users in respect of the Regulated Payments Services in line with our commitment to compliance.”
Binance users in Singapore have been advised to stop all connected operations impacted by the notification and withdraw their fiat and crypto holdings to avoid any conflicts, according to the latest instruction.
Binance’s latest limitation on its clients in Singapore was announced on Monday. Binance first rolled back some of its product offerings in the city-state, as Cointelegraph previously reported.
Following concerns from the Monetary Authority of Singapore that the platform had broken local payment regulations, the crypto exchange behemoth stopped Singapore dollar-denominated crypto trading. In August, a similar measure was taken in South Korea, with the platform suspending Korean won-denominated trade.
Users in Singapore are also unable to download Binance’s mobile platform from the Google and Apple app stores.
Binance has been the subject of intense regulatory investigation in a number of places across the world. As a result, the exchange has had to suspend parts of its services in a number of nations.
Binance announced in September that it would suspend trading crypto futures and options in Australia, giving consumers 90 days to liquidate their positions.
Binance has scaled up its customer identity compliance measures in order to smooth out these regulatory wrinkles.
Meanwhile, Binance CEO Changpeng Zhao has declared that the company intends to comply with regulatory obligations, as well as plans for Binance.US, the exchange’s US subsidiary, to go public by 2024.
