Major global cryptocurrency exchange Binance recently announced that Singapore-based users would no longer be allowed to purchase and trade digital currencies on its main platform. This move primarily done in compliance with local regulation.
The Monetary Authority of Singapore (MAS) has warned Binance that it could be in violation of the local Payment Services Act, and that it should stop offering services to the citizens.
It is for this reason that Singaporeans will be unable to deposit fiat currencies, or purchase or spot-trade cryptocurrencies on Binance’s main platform from October 26 onwards.
However, rest assured. Binance’s Singaporean platform, which is separate from its main platform and has applied for a license, is allowed to resume operation in the country. Users can carry on with their crypto-related transactions on that platform instead.
Binance stated that it is working hard to cooperate with local legislators around world in the recent months. The exchange has hired former regulatory executives to help design its services to make sure that it remains compliant with regulations all around the world.
Binance Coin (BNB) is currently valued at roughly $346, which increased by 0.25% in the past 24 hours. It has a market cap of over $58 billion and a circulating supply of more than 168 million BNB.