SINGAPORE – Binance.com users in Singapore have been given one month to withdraw their fiat assets and redeem their tokens, as website operator Binance seeks to comply with a Monetary Authority of Singapore (MAS) directive.
On Sept 2, Binance was placed on MAS’ Investor Alert List and ordered to cease providing payment services which are regulated under the Payment Services Act to Singapore residents.
It was also told to cease soliciting such business from Singapore residents.
In an announcement on its website on Monday (Sept 27) afternoon, Binance said: “Users in Singapore will not be able to access certain functions on Binance.com including fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap (“Regulated Payments Services”).”
“As the market leader, Binance constantly evaluates its product and service offerings. We will be restricting Singapore users in respect of the Regulated Payments Services in line with our commitment to compliance.”
Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by noon on Oct 26, to avoid potential trading disputes.
In response to media queries earlier, MAS said it has reviewed Binance.com’s operations and is of the view that Binance “may be in breach of the Payment Services Act for carrying on the business of providing payment services to, and soliciting such business from Singapore residents without an appropriate licence”.