Why is Binance banned in Singapore ?

Why is Binance banned in Singapore ?

Binance is one of the most popular cryptocurrencies exchanges. They have been on the news both times for good and bad reasons alike. In one instance, Binance disappointed dogecoin enthusiasts with their announcement to suspend withdrawals for the asset. In more recent news, it announced that it will no longer pursue a license in Singapore, but this time it’s a good thing.

Traders must close their accounts on February 13th, 2022

Recently, Binance has announced that is will be shutting down its exchange in Singapore by 2022. Read more here.

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Singaporeans sue Binance to show they will comply with regulations

The shutting down of Binance in Singapore is all due to operation issues that were cited as “irreconcilable” given the current regulatory environment.

Singapore exchange Binance is leaving Singapore

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Binance is also not accepting new users at this time. Those who haven’t finished the KYC verification process must do so before February 12th, or their account will be blocked.

Binance has revealed that it has relocated operations to Malta

Binance’s newest announcement states that the company will be closing operations in Singapore and moving to the UK by 2022. The move is happening off the back of the company’s efforts led by Binance CEO Changpeng Zhao, who has been trying to win a license since earlier this year. Besides having already established its dominance at the top picks among exchanges, during its entrance into the Asian crypto market earlier this year, it also claims success entering the region.

Binance will shut down operations in Singapore by 2022. The exchange backed up their business expansion to the continent with records of regulatory oversight. However, experts lament the effects of the shutdown of Binance on the Asian cryptocurrency market.

Binance will be shutting down its operations in Singapore by 2022. The company’s final words are to warn users to comply with everything in the letter before the closure date. If you are unable to comply, Binance is also reportedly looking for a new location to set up operation just weeks ago in Indonesia. This would less Filipino-HKDR trading pairs given the news of the planned ban announced by HSBC Hong Kong, causing shifting back to Ethereum (ETH) and Litecoin (LTC).

Binance will shut down operations in Singapore by 2022

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Arguably the world’s most-preferred crypto-exchange, Binance has found itself in hot water with key watchdogs over a lack of regulatory clarity. It has faced objections on a constant basis from varied regulation bodies around the world.

After raising concerns back in the month of October, The Monetary Authority of Singapore has finally found its way around to banning Binance’s operations within the city-state. The MAS adds an “end of session” to the dilemma.

Binance has ended its business in Singapore, as announced in an announcement by Bloomberg. Although the company may open additional offices, it is halting escrow deposits for now because of the relatively less regulatory clarity. The blog has advice on how to maximise Binance benefits under existing cryptocurrency regulations.

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Binance has announced that in February of 2022, they will be winding down all cryptocurrency exchanges and analyses. Said assets that were in the platform will not be taken responsibility for when this happens.

Unauthorized users have been warned to withdraw their crypto and fiat from Binance.sg after registration is suspended for any account without a KYC.

Till 12 January 2022 users can buy and sell cryptocurrencies on Binance Singapore. However, by the specified date all the accounts must be closed.

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Binance CEO

Binance, a cryptocurrency company, has applied for a license to operate in Singapore under the regulations of the Monetary Authority of Singapore. However, their license is no longer temporary.

Binance Singapore exec: “This is even better than we anticipated”

Hi folks! As announced back in August, Binance has decided to close down Binance.sg. The team gave best effort to extend the trading time until 31/03/2019, but ultimately the extended deadline has passed without agreement.

Binance is moving to Malta for regulatory relaxation

The question remains – will this acquisition change anything in the future? Time will tell.

 

 

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