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Binance to stop Singapore users buying or trading crypto on main platform

Binance to stop Singapore users buying or trading crypto on main platform

FILE PHOTO: The logo of Binance is seen on their exhibition stand at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in St Julian's, Malta October 4, 2018. REUTERS/Darrin Zammit Lupi/File Photo/File Photo

HONG KONG: Binance, one of the world's largest cryptocurrency exchanges, said on Monday (Sep 27) that users in Singapore would no longer be allowed buy and trade cryptocurrencies on its main platform, to comply with local regulation.

The Monetary Authority of Singapore (MAS) this month warned Binance.com that it could be in breach of local laws and should stop providing payment services to the city-state's residents.

From Oct 26, users in Singapore will no longer be able to deposit fiat currencies, or buy or spot-trade cryptocurrencies on the platform, Monday's statement said - a significant tightening of restrictions announced shortly after the MAS's statement.

Binance also operates a separate local platform, which has applied for a licence in Singapore. Like other applicants, it is allowed to operate in Singapore under an exemption while the MAS processes applications.

Crypto exchanges such as Binance, which previously could serve almost all markets in the world from one platform, are increasingly running into resistance from local regulators, who want to be able to monitor their operations better.

In recent months, regulators in Britain, Italy and Hong Kong have said Binance units are not authorised to carry out some activities in their markets, and Malaysia's financial regulator reprimanded the exchange for operating illegally there.

Source: Reuters/ga

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