Binance, one of the largest cryptocurrency exchanges in the world, said on Monday that Singapore users will no longer be allowed to buy and trade cryptocurrencies on its main platform in accordance with local laws, the Crypto Insider reported.
The Monetary Authority of Singapore (MAS) warned Binance.com this month that it may violate local laws and must stop providing payment services to residents of the city-state.
Effective October 26, Singapore users will no longer be able to deposit fiat currencies, buy or trade spot cryptocurrencies on the platform, it said in a statement on Monday, and a significant tightening of restrictions was announced shortly after the MAS announcement.
The local Binance subsidiary has applied for a license in Singapore, and like other candidates, Binance Singapore may operate in Singapore with an exception while MAS processes applications. Cryptocurrency exchanges such as Binance, which were previously able to serve virtually every market in the world from a single platform, are facing growing resistance from local regulators who want to be able to better control their operations.
In recent months, regulators in the UK, Italy and Hong Kong have said that Binance units are not allowed to carry out certain activities in their markets, and the Malaysian financial regulator has scolded the exchange for illegal activities in these markets, according to the Crypto Insider.