CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Binance restricts Singapore services after central bank censure

By Aaron Woolner

04:48, 6 September 2021

Sign outside Monetary Authority of Singapore building
The Monetary Authority of Singapore building – Photo: Shutterstock

Digital currency exchange Binance announced on 5 September that it would restrict the products it offers in Singapore after the Monetary Authority of Singapore (MAS) told it to stop providing payment services locally. 

On Friday, an MAS spokesperson told Capital.com that it has been “engaging” with the digital currency platform and that it expects the firm to immediately begin an orderly suspension of its facilitation of transfers of digital payment token assets. 

Yesterday, Binance said it will remove its app from the Singapore Apple and Google app stores and stop offering SGD trading pairs and payment options from Friday this week, the firm said in a blog post. 

Binance “constantly” evaluates its product offering 

Users are advised to complete all related P2P trades and remove related trade advertisements by Thursday to avoid any potential trading disputes.

XRP/USD

0.63 Price
+1.510% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

DOGE/USD

0.20 Price
+8.380% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

70,721.65 Price
+2.560% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,586.10 Price
+2.060% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

In its blog post, Binance said that it constantly evaluates its product and service offerings to remain compliant with local regulations and this latest move is part of the firm’s broader strategy. 

“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user”.

This move is related purely to Binance.com. Its local arm Binnance.sg, part of Binance Asia Services, is in the process of applying for a payments licence in Singapore and is able to provide services until the licencing process is complete, a spokesperson told Bloomberg. 

Read more: Singapore orders Binance to stop providing payment services

Related topics

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 580.000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading