According to the update on the Binance website, starting from Sept. 26, users from Singapore will no longer be able to access the main trading function on Binance, which includes fiat depositing, cryptocurrency spot trading and buying of digital assets using fiat and liquid swap.
In the article, Binance stated that the company constantly reevaluates its product and will be restricting Singaporean users from using the website in respect for Regulated Payments Services as part of its commitment to compliance with Singaporean regulators. Traders from Singapore have been advised to cease all of their trades and withdraw fiat assets. All owned tokens will be transferred back to users.
Binance stated that the company will look forward to finding a reasonable solution with regulators in order to start functioning in the country again. The current decision has been made to help the cryptocurrency industry to grow on the local market.
Previously, Binance removed support for trading pairs in the Singapore dollar (SGD) and closed the SGD payment option on the website. According to Google Play and the App Store, the Binance app was removed for users from Singapore.