Binance will not offer the services of fiduciary deposits, cryptocurrency spot trading and buying digital assets through fiat channels and liquid swaps from its main platform to users in Singapore. This was reported by the Exchange through a statement released this Monday, September 27, 2021.
The communication also indicates that the measure is part of the “commitments to comply with local regulators” and will be enabled until October 26 so that clients can exercise safeguard actions on their assets.
“Binance constantly evaluates its product and service offering. We will restrict Singapore users from Regulated Payment Services in line with our commitment to compliance. Singapore users are advised to cease all related operations, withdraw fiat assets and redeem tokens before Wednesday 2021-10-26 04:00 AM UTC (12:00 PM UTC + 8) to avoid potential trade disputes,” according to the statement.
Under the watchful eye of regulators
The measure is announced by the exchange house three weeks after being “included in the investor alert list” issued by the Monetary Authority of Singapore (MAS) in the first days of September. The purpose of the list is to inform Singaporean investors of the institutions that are not authorized by said entity. However, there is a trend or perception that is endorsed by the authority.
It is important to note that the Binance.sg platform is a separate exchange from Binance.com and at the moment it is unknown if the suspended services can be offered by this exchange. “It is also unclear whether Binance.com will continue to offer other services such as crypto-to-crypto and derivatives trading to Singaporean customers.”
It is important to note that the Binance.sg company is not registered on the regulators’ alert list.
M. Rodríguez
Source: diariobitcoin.com
