The global headwind just doesn’t want to subside for Binance. With immediate effect, the product range for Singaporean customers is shrinking.
The world’s largest crypto exchange, Binance, it has not been easy this year. September 27th announced the company that as of October 26th, certain services will no longer be offered to Singaporean customers. This increases the legal pressure on Binance further and a ray of light is still a long time coming.
It goes on to say on the Binance website:
Starting October 26, 2021 at 04:00 UTC (12:00 UTC + 8), users in Singapore will no longer be able to access certain features on Binance.com, including fiat deposit services, spot trading cryptocurrencies, buying cryptocurrencies via fiat -Channels and Liquid Swap.
We will restrict access by Singaporean customers to regulated payment services in line with our commitment to regulatory compliance. Singapore users are advised to cease all related business, withdraw fiat assets and redeem tokens by Wednesday October 26, 2021 to avoid potential trade disputes.
Only on September 1st did the Monetary Authority of Singapore put the crypto exchange on an “Investor Warning List”. As a result, the trading platform announced that it would offer Singapore customers fewer products with immediate effect in order to avoid legal conflicts. Among other things, it has no longer been possible for customers in the South Asian country to buy or sell cryptocurrencies since September 9. Tech giants Google and Apple also responded in this regard. Both companies threw the mobile app of the crypto exchange out of their respective playstore.
Change of strategy – legal conformity as a success factor
The global legal headwinds simply do not want to subside at the crypto exchange. So published the company only announced on their blog on September 21st that certain Binance products will no longer be tradable in Australia in the future. More precisely it says:
As Binance is constantly evaluating its product and service offerings to comply with local regulations, we will no longer offer the following products to existing Australian users: Futures, Options, leveraged tokens.
Even if the crypto world has always moved in a regulatory gray area, more and more crypto exchanges are bowing to the pressure of the regulators. So also the world’s largest Bitcoin trading platform.
It was only on September 25th that BTC-ECHO reported on a collaboration between Binance and the US authorities. It was specifically about investigations by the US Treasury Department against the Russian Bitcoin exchange Suex. This is said to have allegedly carried out money laundering, among other things with the help of Binance accounts.