Singapore users to be offered harsh limitations from Binance

Singapore users to be offered harsh limitations that will be introduced by the globally biggest cryptocurrency exchange, Binance.

Users will not be capable to access order deposit services, as of 26 October, spot trading of cryptocurrency or purchase cryptocurrency via fiat channels or liquid swap as per the announcement of Binance.

Binance is directing affected users to stop all connected traders.

Singapore’s central bank newly publicized that Binance may be in destruction of the state’s Payment Services Act, warning the cryptocurrency exchange to remove Singapore dollar trading pairs and payment options.

Binance has been trying to perform proactively to address regulator fears in recent months and its Singaporean associate is presently awaiting the review of its application to operate in the state.