- Binance.com will not be operating in Singapore.
- This is due to new rules set up by the MAS.
- Binance’s CEO tells users in the country to use binance.sg instead.
In a series of 3 short tweets, Binance CEO — Changpeng Zhao (CZ), tells Singapore-based Binance users that they can no longer use Binance.com. Instead, he says that Singapore-based users must now use binance.sg.
Specifically, he says that this is because of rules set by the Monetary Authority of Singapore (MAS). He says that due to these rules, there may be certain restrictions for Singapore-based users who access the platform using binance.com.
He adds that these rules are set by governing bodies and all Binance can do is to try and keep up with the rules. On this matter, he hopes the users will understand and goes on to thank them for their understanding. Accordingly, CZ tells Singapore-based users that it is safe for them to use binance.sg. In fact, he stresses that this option offers as an independent entity that operates in Singapore. Presently, this option is safe to use at it is under exemption whilst undergoing the PSA license application.
Binance Singapore (https://t.co/0JZxWrMZk8), an independent entity, is operating in SG under exemption while going through the PSA license application.
— CZ 🔶 Binance (@cz_binance) September 5, 2021
The platform even goes on to explain in detail what changes users will experience on the new alternative. In particular, Binance lists out all the changes to its offerings in Singapore in the form of a notice.
To highlight, one of the main changes will be that SGD pairs will be removed. To be exact, three services will be discontinued from September 9, 2021, at 4:00 AM UTC onwards. These will include the aforementioned SGD trading pairs, along with SGD payment options, and removal of the App from Singapore’s Google Play and App stores.
In light of this, users must ensure that all P2P trades involving SGD trading pairs must be completed by the said date and time. In addition to this, Binance will also not be operating its official Telegram or any other online communication channels in the country.