Headline | Following App Removal, Binance Bans Spot and Fiat Trading for Singapore Users

Shortly after prohibiting new users in China from registering via mobile phones, Binance's latest announcement stated that certain functions on the main site will be restricted to users in Singapore, following the recent closure of the Singapore fiat trading market.

According to the announcement, starting from 12:00 Taiwan time on 10/26, users in Singapore will not be able to access certain functions on the main Binance website "Binance.com", including:

• Spot trading
• Fiat deposit services
• Fiat-to-crypto trading
• Liquid Swap liquidity mining, swapping

Since the third quarter, Binance has faced a series of regulatory crackdowns. After being ordered to cease services in Malaysia at the end of July and terminating its European derivatives business, reports surfaced suggesting that Singapore might become its "preferred country for seeking national-level financing and regulatory safe haven", but the subsequent developments seem to diverge significantly from this anonymous message.

On 9/3, the Monetary Authority of Singapore (MAS) included Binance.com in the list of "investor alert" companies, stating that it may have operated illegally by providing payment services to users in the country without official approval.

On 9/6, Binance subsequently announced the cessation of Singapore dollar trading pairs and payment methods in Singapore, and removed the application from the country's iOS and Google Play stores.

On 9/7, Binance told Huaxia Times that:

Binance.com is closely cooperating with MAS and other global regulatory agencies to comply with relevant regulatory standards and to implement any necessary service changes. We are actively keeping pace with the constantly changing policies and regulations.

Zhao Changpeng has not responded to this, and some netizens jokingly stated that as a result, the Singapore-based venture capital firm "Three Arrows Capital" will never be able to dump their holdings.