Binance blocks spot crypto trading and deposits in fiat for Singapore users

As regulatory scrutiny intensifies, the crypto exchange giant Binance has announced additional restrictions to its operations in Singapore. Binance has made some changes to its crypto trading services in Singapore. This is in response to regulatory scrutiny. Cointelegraph reported that Binance had initially pulled back some of its products in Singapore. This was after the Monetary Authority of Singapore warned that the platform had violated local payments laws. Similar actions were taken in South Korea in August. The platform stopped Korean won-denominated crypto trading. British regulator states found Binance ineffectively supervising the platform. Binance has been subject to significant regulatory scrutiny in many jurisdictions around the world. The exchange was forced to stop some services in several countries. Binance had previously stated that it would no longer allow crypto futures or options trading in Australia. Users were given 90 days to close their positions. Binance sought to ease these regulatory issues by increasing its compliance protocols for customer identification. Changpeng Zhao, Binance CEO, has announced plans for Binance.US (the exchange’s United States arm) to go public by 2024.

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