HONGKONG – Binance, one of the world’s largest cryptocurrency exchanges, said on Monday that users in Singapore would no longer be allowed buy and trade cryptocurrencies on its main platform, to comply with local regulation.
The Monetary Authority of Singapore (MAS) this month warned Binance.com that it could be in breach of local laws and should stop providing payment services to the city-state’s residents.
From Oct. 26, users in Singapore will no longer be able to deposit fiat currencies, or buy or spot-trade cryptocurrencies on the platform, Monday’s statement said – a significant tightening of restrictions announced shortly after the MAS‘s statement.
Binance’s local affiliate has applied for a licence in Singapore and, like other applicants, Binance Singapore is allowed to operate in Singapore under an exemption while the MAS processes applications.
Crypto exchanges such as Binance, which previously could serve almost all markets in the world from one platform, are increasingly running into resistance from local regulators, who want to be able to monitor their operations better.
In recent months, regulators in Britain, Italy and Hong Kong have said Binance units are not authorised to carry out some activities in their markets, and Malaysia’s financial regulator reprimanded the exchange for operating illegally there.
(In paragraph four, refers to Binance Singapore as a Binance affiliate and removes reference to Binance ‘operating’ it.)