With the sudden Binance ban by the MAS for Binance.com to stop operations, we compiled an FAQ to help clear the confusion for Binance users in Singapore.
With the announcement by the Monetary Authority of Singapore (MAS) for Binance.com to stop providing payments services in Singapore, local users of the cryptocurrency exchange are left worrying if the Binance ban means their cryptocurrency assets are going to be stuck without any means to withdraw or transfer them, or whether they are allowed to access some of Binance’s features. To clear the fog on the matter, we compiled an FAQ based on recent releases to clarify the matter for you.
Are Binance.com and Binance.sg from the same company?
While it is easy to the two cryptocurrency exchanges as being the same entity due to the name and brand colour, they are managed by two different groups. The affected exchange, Binance.com, is owned by Binance CEO, Changpeng Zhao, and is headquartered in Cayman Islands, Mahé, and Seychelles.
On the other hand, the Binance SG exchange is owned by Binance Asia Services, and the company is headquartered in Singapore.
What services have been banned, and is Binance.com banned from operating in Singapore?
The platform has stopped offering SGD trading pairs and payment options on Friday, 10 September, and Binance P2P, or peer-to-peer, service has also remove their SGD trading pairs on the platform.
From 26 October onwards, Binance will further restricted fiat deposit services, spot trading of cryptocurrencies, and the purchase of cryptocurrencies through fiat currencies and liquid swap for Singapore users. Users are advised to withdraw their fiat currencies and stop trading activities by the stipulated date.
As of Thursday, 9 September, SGD payment options to purchase cryptocurrencies have been removed from the site.
Can I still access the exchange from my phone or computer?
The Binance app under Binance.com will be taken down from Google Play and Singapore iOS app stores as of Friday 10 September. While the programme have been removed from stores, the Binance app can still be accessed if users downloaded it before the app was removed from the stores.
I could transfer funds from Binance.com to Binance.sg previously. Can I still do that?
Unfortunately, the transfer of funds will be suspended with the latest order by MAS. The financial authority has stated that has engaged Binance Asia Services to “immediately begin an orderly suspension of its facilitation of transfers of digital payment token assets” with Binance.com.
As part of the ongoing development, Binance.sg has released a statement on 6 September stating that they are working closely with MAS, and users will not be allowed to make transfers of digital payment tokens from Binance.sg to Binance.com from Monday 13 September, 12PM onwards. Any attempted transfers will not be credited into the nominated Binance.com account.
How can I transfer my funds out of Binance.com?
Are Binance.sg activities affected, and can I still purchase cryptocurrencies on either platforms?
There are currently no changes to Binance.sg’s operations as they are authorised by MAS to continue providing cryptocurrency services while waiting for its Digital Payment Tokens license to be approved. Users can continue to use SGD to purchase cryptocurrencies in Binance.sg, but not in Binance.com.
Are there official channels or chats I can contact to find out more?
Binance.com has social platforms which you can get the latest updates on the Binance ban, but the company currently does not have any official online communication channels in Singapore. You can access their socials on Telegram, Twitter, Facebook, and Instagram.
Where else can I hold my crypto other than Binance?
Firstly, you can move your cryptocurrencies to another exchange. Other than Binance.sg, there are other popular cryptocurrency exchanges like Bitmex, OKEx, Bitfinex, Huobi Global, Crypto.com, and Gemini. Some factors you may want to consider before transferring are transaction and trading fees.
The second option is to transfer your cryptocurrencies to Hot wallets. They are online wallets that are either downloaded on your phone or computer, or cloud wallets that are accessible from any device like Metamask.
Lastly, there is the option to store your digital assets in a Cold wallet, which is a physical device that can be connected to your computer like a USB to transfer the currencies into it, and it is disconnected from the web which keeps it secure.
Binance.sg does not have coins that I bought on Binance.com. What do I do?
Binance.sg currently only has 10 cryptocurrencies – BNB, BTC, ETH, LTC, BCH, XRP, NEO, and LINK – listed at the moment. If you bought a coin that is not listed on Binance.sg, you will have to transfer It to another exchange that has the coin listed, or you can transfer it to a Hot wallet.
If you are not sure if a cryptocurrency exchange has your cryptocurrency listed, you can use CoinMarketCap’s Market list to verify the information. Search for your cryptocurrency on the platform, and click on markets to see if the crypto exchange has the token listed.
This FAQ has been updated on 27 September 2021 to reflect the latest announcements by Binance.com.