Binance.com has announced further restrictions of services for Singaporean users on its platform with its latest press release.
Binance.com has recently announced that Singaporean users are no longer able to trade cryptocurrency or purchase it on the platform.
From 26 October onwards, users of the Binance platform in Singapore will be further restricted from utilising fiat deposit services, spot trading of cryptocurrencies, and the purchase of cryptocurrencies through fiat currencies and liquid swap. Users are advised to withdraw their fiat currencies and stop trading activities by the stipulated date.
The latest round of restrictions come just shortly after Binance had removed SGD trading pairs and payment options earlier this month on 10th September, along with peer-to-peer SGD pairs after the Monetary Authority of Singapore (MAS) ordered Binance to stop payments services and listed them on the Investor Alert List.
CoinPasar recently spoke to local Binance users to understand the sentiments on the ground, and crypto investors seemed to be slightly shaken by the sudden restriction of activities earlier this month. With the removal of essential cryptocurrency exchange services like spot trading and purchasing crypto assets with fiat dollars, the platform may see a mass exodus of Singaporean users and assets before the deadline.
Confused about the ongoing changes to Binance.com services? Check out our frequently updated article here.