Users in Singapore can no longer buy or trade crypto on Binance.com from Oct 26

FROM Oct 26, users in Singapore will no longer be able to deposit fiat money, trade or purchase crypto via Binance.com, the global crypto bourse said on Monday.

It also advised users in Singapore to cease all related trades, withdraw fiat assets and redeem tokens by noon Singapore time on Oct 26 to avoid "potential trading disputes".

"We will be restricting Singapore users in respect of the regulated payments services in line with our commitment to compliance," the Binance team said in an announcement on its website on Monday evening.

"Our aim is to create a sustainable ecosystem around blockchain technology and digital assets, and we hope that such efforts will help the industry grow in the local market in the long-run."

This comes after an earlier round of curbs, following a warning by the Monetary Authority of Singapore (MAS).

On Sept 5, Binance.com had said it would cease Singapore dollar trading pairs and payment options, as well as remove the mobile app from Singapore's iOS and Google Play stores.

Singapore's central bank had said it is of the view that Binance, the operator of Binance.com, "may be in breach of the Payment Services Act (PS Act) for carrying on the business of providing payment services to, and soliciting such business from Singapore residents without an appropriate licence."

Binance's Singapore unit, operated by Binance Asia Services (BAS), is currently exempted from holding a licence for the provision of digital payment token services under the transitional arrangements in the PS Act. BAS runs crypto exchange Binance.sg, which is a separate legal entity from Binance.com. Some netizens and crypto investors The Business Times spoke to had called Binance.sg the "lite version" of Binance.com, with pared-down offerings and far less liquidity.

MAS said BAS's licence application is under review.

Chris Holland, a partner at Holland & Marie who specialises in assisting financial services and fintech companies, said Binance's latest move raises "significant questions" about how cryptocurrency businesses should operate outside their home jurisdictions.

"Binance may be asking itself whether it needs to treat other jurisdictions like Singapore. Other foreign exchanges may ask whether they need to stop servicing Singapore residents based on what Binance has done," he said.

Read more:

• A chat with Binance Singapore CEO Richard Teng
• BT Explains: How Binance tests the long arm of crypto regulation
• Binance to halt Singapore products after MAS warning
• Binance ordered to stop payments services in Singapore