{"id":48917,"date":"2021-09-05T17:49:46","date_gmt":"2021-09-05T14:49:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=48917"},"modified":"2025-09-02T09:52:52","modified_gmt":"2025-09-02T06:52:52","slug":"binance-to-ban-singapore-dollar-use-on-its-platform","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-to-ban-singapore-dollar-use-on-its-platform\/","title":{"rendered":"Binance to ban Singapore dollar use on its platform"},"content":{"rendered":"<p>Bitcoin exchange Binance will bar customers from using the Singapore dollar in transactions on its platform, and will also remove its apps from regional App Stores and Google Play. The company said the move was to comply with local law.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Changes to <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&#038;ref_src=twsrc%5Etfw\">#Binance<\/a> Offerings in Singapore<a href=\"https:\/\/t.co\/oKsgb8VFta\">https:\/\/t.co\/oKsgb8VFta<\/a><\/p>\n<p>\u2014 Binance (@binance) <a href=\"https:\/\/twitter.com\/binance\/status\/1434471844904640513?ref_src=twsrc%5Etfw\">September 5, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier the Monetary Authority of Singapore (MAS) <a href=\"https:\/\/u1f987.com\/en\/news\/singapore-warns-investors-about-binances-unregulated-activity\">included Binance in the &#8220;Investor Alert List&#8221;<\/a> (Investor Alert List). The regulator stressed that it does not supervise its activities.<\/p>\n<p>The head of the company, Changpeng Zhao, recommended Singaporean clients use the platform Binance.sg, which is owned by Binance Singapore. The latter has filed for a MAS license application and is currently <a href=\"https:\/\/www.mas.gov.sg\/regulation\/payments\/entities-that-have-notified-mas-pursuant-to-the-ps-esp-r\">\u0440\u0430\u0431\u043e\u0442\u0430\u0435\u0442<\/a> under the exemption provided by the Payment Services Act.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">There may be more restrictions on SG users on <a href=\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\">@binance<\/a> (.com). We don&#8217;t make the rules, MAS does, we follow. We ask for your understanding.<\/p>\n<p>If it happens, there will always be grace periods for you to cancel orders\/positions and withdrawals. Your funds are always <a href=\"https:\/\/twitter.com\/hashtag\/SAFU?src=hash&#038;ref_src=twsrc%5Etfw\">#SAFU<\/a>.<\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1434511792474976265?ref_src=twsrc%5Etfw\">September 5, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abFor clarity, binance.com does not operate in Singapore and will remove trading pairs, and will take other actions. Binance Singapore is an independent entity operating in the country under an exemption while it proceeds with licensure. Local users may face additional restrictions. We do not set the rules; MAS does, we simply follow them,\u00bb wrote Zhao.<\/p>\n<\/blockquote>\n<p>He also added that client funds are safe. If the company has to wind down operations, users will be given time to close positions and withdraw funds.<\/p>\n<p>In June, the UK&#8217;s Financial Conduct Authority <a href=\"https:\/\/u1f987.com\/en\/news\/uk-regulator-bans-binance-from-operating-in-the-country\">banned Binance Markets Limited<\/a> from any regulated activity in the country without prior written approval.<\/p>\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/cayman-islands-regulator-launches-probe-into-binance\">Cayman Islands<\/a> began an investigation into the exchange&#8217;s operations, <a href=\"https:\/\/u1f987.com\/en\/news\/thailand-accuses-binance-of-operating-without-a-license\">Thailand<\/a> and<a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-regulator-warns-binance-group-entities-are-operating-without-a-licence\"> Hong Kong<\/a> accused the company of operating without a license, <a href=\"https:\/\/u1f987.com\/en\/news\/japanese-regulator-issues-another-warning-to-binance\">Japan<\/a> issued it another warning.<\/p>\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/polish-regulator-urges-caution-in-using-binance-services\">Polish regulators <\/a>warned consumers about the risks of interacting with the platform, and <a href=\"https:\/\/u1f987.com\/en\/news\/italy-and-malta-warn-consumers-about-unregulated-binance-activity\">Italy and Malta<\/a> \u2014 about Binance&#8217;s unregulated activity.<\/p>\n<p>At the end of July <a href=\"https:\/\/u1f987.com\/en\/news\/malaysia-announces-enforcement-actions-against-binance\">Malaysia&#8217;s Securities Commission<\/a> announced coercive measures against the trading platform for &#8216;illegal management of a digital asset exchange&#8217;.<\/p>\n<p>In August the Dutch central bank <a href=\"https:\/\/u1f987.com\/en\/news\/dutch-central-bank-says-binance-is-not-registered\">stated that Binance has no registration<\/a> to provide services within the country.<\/p>\n<p>As a reminder, on 3 September the South African Financial Sector Conduct Authority <a href=\"https:\/\/u1f987.com\/en\/news\/south-africa-regulator-warns-investors-off-binance\">urged local investors to &#8216;caution and vigilance&#8217;<\/a> when dealing with the cryptocurrency exchange.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bitcoin exchange Binance will bar customers from using the Singapore dollar in transactions on its platform, and will also remove its apps from regional App Stores and Google Play.<\/p>\n","protected":false},"author":1,"featured_media":48918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,36,946],"class_list":["post-48917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-regulation","tag-singapore"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=48917"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48917\/revisions"}],"predecessor-version":[{"id":48919,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48917\/revisions\/48919"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/48918"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=48917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=48917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=48917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}