Binance.com to Restrict Singapore Users From Some Functions

(Bloomberg) --

Binance.com is restricting Singapore users’ ability to use its services as it seeks to come into compliance with the city-state’s regulations.

Users in Singapore will not be able to access certain functions on Binance.com as of Oct. 26, including fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap, Binance said in a statement on its website.

The restrictions are being imposed for compliance reasons, it said. Users in Singapore were advised to cease all related trades, withdraw fiat assets and redeem tokens by the October deadline to avoid potential trading disputes.

Binance, the biggest crypto exchange, has been focused on compliance issues as regulators globally take an increasingly strong interest in the asset class. Previously, Binance said it would halt Singapore products after the central bank warned it might be in breach of local payment rules.

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