To comply with local regulations, major crypto exchange Binance has halted its crypto trading and payment services for users in Singapore.
According to the official announcement, Singapore-based users will not be able to access several services such as “fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap”.
The halt of services will come into effect starting October 26, 04:00 AM UTC and Binance has asked customers to close all trading positions before the aforementioned date.
Since April of this year, regulators across the world have increased their scrutiny over Binance. The Monetary Authority of Singapore (MAS) warned Binance earlier this month that it might be in breach of Singapore’s Payment Services Act and thus, stop offering its payment services to local customers.
Since then, the MAS has added Binance to its Investor Alert List.
To comply with the warning at the time, Binance on the 5th announced that it would stop supporting Singapore’s dollar trading pairs and payment options from Sept. 10 along with removing their apps from Singapore’s iOS and Google Play stores.
“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,” wrote Binance in its blog post.