Binance blocks fiat deposits and spot crypto trading for Singapore users


Binance has announced some changes to its crypto trading services for customers in Singapore.


According to a statement on its website published on Monday, Singapore-based users will be geo-fenced from certain account functions on the website.


Binance users in Singapore will no longer have access to fiat deposits, crypto spot trading, liquid swap and crypto purchases via fiat channels on the website.


“We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance,” the statement added.


Based on the new directive, Binance users in Singapore have been urged to cease all related activities impacted by the announcement and to withdraw their fiat and crypto holdings to avoid any disputes.


Monday’s announcement is the latest restriction imposed by Binance on its customers in Singapore. As previously reported by Cointelegraph, Binance initially rolled back some of its product offerings in the city-state.