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Crypto Exchange Binance Halts Fiat Deposits And Spot Trading In Singapore

Binance, the biggest crypto exchange in the world by 24-hours spot trading volume, has divulged further curtailment to its operations in Singapore in the middle of regulatory scrutiny. As per a statement on its website published recently, Singapore-based users will be geo-fenced from specific account functions on the website.

The statement added,

“We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance.”

On the basis of the latest directive, the crypto exchange’s users in Singapore have been forced to halt all related activities affected by the aforementioned announcement and to withdraw their fiat and digital asset holdings to keep away from any conflicts.

The aforementioned announcement is the latest curtailment imposed by the exchange on its customers in Singapore. According to earlier media reports, the exchange earlier rolled back some of its product offerings in the city-state.

The exchange has sought to take care of a couple of regulatory issues by upscaling its customer identification compliance protocols.

In the meantime, the CEO of Binance, Changpeng Zhao has mentioned the exchange’s intention to comply with regulatory demands while also declaring plans for Binance.US, which is the exchange’s United States subsidiary, to have gone public by 2024.

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