Binance previously announced on 5th September 2021 that it will cease the following services on its app to comply with local regulations.
- SGD trading pairs
- SGD payment options
- Removal of the App from Singapore iOS and Google Play stores
Today, it also
announced further suspension of the following services.
- Fiat deposit services
- Spot trading of cryptocurrencies
- Purchase of cryptocurrencies through fiat channels and liquid swap
The new restrictions will take place from
26 October 2021.
What this means for Singapore users
With the upcoming suspension of services, including spot trading and fiat-deposits, it will be almost impossible to buy cryptocurrencies using SGD through
Binance.
It’s highly possible that futures trading, options, leveraged tokens and other exotic products on the app will also be banned shortly, making the
Binance app useless as an exchange for Singaporeans.
However, other local avenues exist including
Gemini (
review),
Coinhako, FTX and Crypto.com (
review) if you’re looking to buy cryptocurrencies....
