TL;DR Breakdown
• The Binance platform will no longer allow purchases of cryptos with fiat currencies in Singapore.
• BNB, the native token of the crypto platform, maintains its price despite regulations.
The most popular cryptocurrency trading platform globally, Binance, has informed about the new measures in Singapore. The crypto exchange has continued to change its management in Asia due to the regulations it faces.
Crypto fans in Singapore will have a more limited trading system that could affect their experience. The crypto platform is no longer a priority in the country’s interior, so citizens must look for alternatives.
Binance’s limited features in Singapore
Binance stands out as a very versatile crypto trading platform, where investors can buy, sell and trade most cryptocurrencies. However, this is not the case in Singapore, where the government’s regulations have limited the platform.
The latest adjustments Binance has made in Singapore are canceling deposits with local currency, purchasing cryptos from the bank, and Swaps systems. This will make it difficult for users to buy their Bitcoin through p2p channels or credit cards.
The platform declares these prohibitions are conceived to fulfill its commitment to the national government. The platform has even urged customers to withdraw their crypto holdings soon to avoid losing their money.
Binance is under fire from regulators in the Asian country, regardless of its obvious adoption and growing popularity in other territories. The platform gave a deadline for customers to withdraw their money safely, with the 26th of October taken as a security point. However, Binance has not clarified what will happen after that date, although it is expected that the exchange ceases to operate in Singapore.
Crypto exchange approval
In the past months, the crypto platform had to ban users in Singapore from downloading its mobile app because of restrictions. The crypto exchange has been blocked significantly in Asia, forcing it to downgrade its functions in the territory.
However, Singapore is not the only country that lashed out at Binance because Hong Kong, Australia, and the United Kingdom are included. In the Oceania region, the platform had to suspend the BTC futures trading due to the rules handed the by Australian regulators.
In August, the crypto exchange had to limit its operations in Brazil after being restricted by the financial service; a case that also happened in Hong Kong.
Although these bans affect the operations of the crypto platform in some specific countries, this has not affected the BNB price significantly. Today September 27, BinanceCoin is trading at $345.13 with a market capitalization that exceeds $58 million.
Some countries in Latin America, such as El Salvador, Colombia, and Venezuela, have had a good reception towards Binance, which gives hope the exchange’s usage and trade will not be banned altogether.
