Monday 27 September 2021

More restrictions for Binance.com users | Users advised to cease all related trades, withdraw fiat assets and redeem tokens

Previously, Binance.com ceased the offerings of SGD trading pairs and SGD payment options. They also removed the Binance App from Singapore's iOs and Google Play store. P2P offerings was also ceased which was one of the functions I miss dearly.

Today, Binance.com announced more cessation of services as they following compliance to the
Regulated Payments Services. 

"With effect from 2021-10-26 04:00 AM UTC (12:00 PM UTC+8), users in Singapore will not be able to access certain functions on Binance.com including fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap - Taken from Binance.com"

This means that users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes. This is pretty huge as it means moving all your assets out of Binance.com

I currently do not have anything left in Binance.com but I know Gemini does have limited cryptocurrencies offerings and not being able to use Binance.com will really limit the offerings I am exposed to. Was actually planning to purchase stablecoins through Gemini then transferring it to Binance.com to buy the other cryptocurrencies not offered in Gemini. This is pretty huge news, in the mean time, do move your assets out of Binance.com if you do have any in there.

Read more: https://www.binance.com/en/support/announcement/34c6c158d03a4877a4e13cf0927468bc 

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