Binance Decides to Stop the Transactions of its Users in Singapore

Binance's official page. "https://Cryptosoftware.co.uk/">announced . According to the statement, from October 26, Singaporean users will be able to access Binance's main trade products, which include fiat deposit, cryptocurrency spot trading, purchase of digital assets using fiat and liquid swaps. strong>they won't be able to access.

Binance's Singapore Decision Is Not The First Time

Binance's support page, the company is constantly re-evaluating its product and  It stated that as part of its commitment to comply with Singaporean regulators, it will restrict Singaporean users from using the website in relation to Regulated Payment Services. Binance added the following statements in the continuation of the statement:

“Our aim, Building a sustainable ecosystem around Blockchain technology and digital assets and we hope such efforts will help the industry grow in the local market in the long run.”

In the statement, Singaporean investors were advised to stop all trading and withdraw their fiat holdings. It has been announced that all owned assets will be transferred back to users.

Binance stated that the company will look forward to finding a reasonable solution with regulators to reopen in the country. 

Previously, Binance removed support for trading pairs in Singapore dollars (SGD) and turned off the SGD payment option on its website. According to Google Play and App Store, Binance app has also been removed for users from Singapore.