Binance Exchange declared that they are going to stop their certain crypto operations in Singapore because of scrutinities issues.
Binance is a biggest crypto exchange of the crypto Market by volume. Since the beginning of this year, this exchange is facing many scrutinities issues by the global regulators. To avoid more scrutiny issues, Binance exchange changed many things in their services and products but still there are many countries where Binance exchange is not getting concessions to sustain their operations.
Read also: Binance seized their Offerings in Singapore
On 28 September, Binance exchange announced that they are going to stop many services in Singapore.
Binance Exchange clearly said that they are not allowed to operate their services in Singapore because their services are no in favour of the Singapore regulators. According to Binance, Singapore’s Central Bank said that Binance services are violating the Payment Act. So Singapore dollar is the first priority to eliminate from the platform.
As per announcement, Users of Singapore are not allowed to go through any kind of fiat transactions and fiat trade & deposit. And this will take into effect by 04:00 UTC Oct. 26.
Binance exchange also suggested to all their users of Singapore, to close trading to avoid any kind of trade dispute in future.
Further Binance Exchange added that they are following the rules and orders of the global regulators to make the crypto ecosystem more better for space and exchange.
This is not the first time Binance Exchange has stopped any services for Singapore users. Recently they announced to stop derivatives and futures trading for their Singapore based users and also that was part of scrutiny issues raised by the regulators.