Binance To Ban Singapore Users From Crypto Trading And Buying On Its Global Platform (2024)

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Now, let's delve into the concepts encapsulated in the articles you provided:

  1. "Why Traders Get The Bank Of Japan Wrong Again And Again"

    • Link:
    • Summary: This article likely explores the challenges faced by traders in accurately predicting the actions and decisions of the Bank of Japan. It may touch upon factors such as economic indicators, monetary policy, and global economic trends influencing Japan's central bank.
  2. "The Philippines’ $2.3 Billion Sovereign Wealth Fund Is Going Back To Basics, Plans To Build Economic Pillars"

    • Link:
    • Summary: This article likely discusses the strategic shift in the Philippines' $2.3 billion sovereign wealth fund towards fundamental principles, outlining plans to bolster economic foundations through targeted investments.
  3. "How India Is Emerging As A Production Hub For Global Exports"

    • Link:
    • Summary: This article probably explores India's increasing role as a global production hub, shedding light on the factors driving this emergence, such as economic policies, infrastructure development, and international trade dynamics.
  4. "India’s Cola King Adds Billions To His Wealth While Venturing Into South Africa And Thailand"

    • Link:
    • Summary: This article likely focuses on the business ventures of an Indian entrepreneur in the beverage industry, detailing the expansion into South Africa and Thailand and the subsequent growth in wealth.
  5. "My Favorite Phones Of 2023, Ranked"

    • Link:
    • Summary: This article likely provides a subjective ranking of the author's favorite phones in 2023, potentially considering factors such as technology, design, and user experience.
  6. "Alibaba Chief Takes Over E-Commerce Unit Amid Slower Growth"

    • Link:
    • Summary: This article may discuss leadership changes within Alibaba, specifically the chief taking over the e-commerce unit, possibly in response to challenges related to slower growth.
  7. "China’s Nickel King Powers-Up His Battery Business"

    • Link:
    • Summary: This article likely explores the activities of a prominent figure in China's nickel industry, emphasizing their efforts to strengthen their position in the battery business.
  8. "Vivo X100 Pro Review: The Best Portrait Camera Of 2023"

    • Link:
    • Summary: This article probably provides a review of the Vivo X100 Pro, highlighting its features and declaring it the best portrait camera of 2023 based on the author's assessment.

Feel free to reach out if you have specific questions about any of these topics or if you'd like more in-depth information on a particular subject.

Binance To Ban Singapore Users From Crypto Trading And Buying On Its Global Platform (2024)

FAQs

Binance To Ban Singapore Users From Crypto Trading And Buying On Its Global Platform? ›

The company said on Monday that users in Singapore will no longer be able to deposit fiat currencies, perform spot-trades or purchase any cryptocurrencies on its global platform, Binance.com, starting October 26.

Why can't i use Binance in Singapore? ›

It has an office in Singapore and is exempted from the Payments Services Act by (MAS). Update: As of 13 Dec 2021, Binance Asia Services, the operator of Binance.sg, has withdrawn its application to the Monetary Authority of Singapore (MAS) to operate a regulated cryptocurrency exchange in the country.

Why is Binance being banned? ›

On November 21, 2023, a US judge convicted Binance on multiple charges—including violations of the Bank Secrecy Act, money laundering schemes, unlicensed money transmitting, and sanctions violations.

Why did Binance exit Singapore? ›

While Binance claimed to have made improvements, it reportedly failed to meet the Monetary Authority of Singapore's requirement for protection against money laundering and terrorism financing.

Is Binance legal in Singapore? ›

There has been some confusion over MAS' earlier statement issued on 14 November 2022 that Binance was not “banned” in Singapore but was prohibited from soliciting Singapore users. As a matter of practice, MAS does not “ban” entities from operating in Singapore.

Is Binance still working in Singapore? ›

Update: Binance.sg is now closed and no longer operational. If you believe that you have SGD or any cryptocurrencies in your Binance.sg account, please contact its customer service team at [email protected]. For more, please visit: https://www.binance.sg/en.

Which crypto platform is legal in Singapore? ›

If you live in Singapore and are looking for some reliable Bitcoin apps with Singapore Dollar (SGD) access, try Gemini, Crypto.com, or the licensed and regulated Binance Singapore. You can also compare different crypto exchanges and decide which ones suit your trading needs best.

Is Binance really in trouble? ›

“Binance's and Zhao's willful violations of anti-money laundering and sanctions laws threatened the U.S. financial system and our national security, and each of them has now pleaded guilty. Make no mistake: when you place profits over compliance with the law, you will answer for your crimes in the United States.”

Who is the owner of Binance? ›

Binance Founder Changpeng Zhao Sentenced To 4 Months In Prison. Zhao's lawyers have requested five months' probation, noting the crypto billionaire had accepted responsibility for violating anti-money laundering laws.

Why can t you use Binance in the US? ›

Due to government regulations, the full Binance website is unavailable in the US, and prohibits US residents from creating an account. However, Binance US offers 150+ cryptocurrencies, so it's a good option for traders residing in the US.

How to withdraw money from Binance Singapore? ›

Here are the steps to withdraw your funds from Binance to your bank account:
  1. Log in to Binance: Access your Binance account by logging in. ...
  2. Choose Your Currency: Select the fiat currency (e.g., USD, EUR, GBP) you want to withdraw. ...
  3. Select Payment Method: ...
  4. Security Verification: ...
  5. Wait for Processing: ...
  6. Check Your Bank Account:
Jun 8, 2024

Why are people leaving Binance? ›

Key Binance executives who have been helping the world's biggest cryptocurrency exchange navigate a widening regulatory crisis, including US allegations of fraud, are leaving the company along with many of its US employees, according to people familiar with the matter.

Why has Binance suspended withdrawals? ›

Binance suspends its withdrawals when the wallets undergo periodical maintenance. In some cases,a database glitch or another error relating to the exchange may cause some withdrawal problems.

How to trade crypto in Singapore? ›

To trade or purchase crypto, you will need to make a deposit. You can instantly deposit SGD using FAST or PayNow. Deposit USD via SWIFT. You can buy crypto instantly at the spot price using the online crypto trading platform, the Independent Reserve app or via API.

Is Binance safe or not? ›

Is Binance Exchange Safe? Binance is often considered one of the safest exchanges in the world if you consider the level of security. If the exchange crashed or a hacker stole assets or funds, the SAFU reimburses its users from the $1 billion fund. Not every platform has an insurance fund in place.

Can Singapore use Coinbase? ›

Meet Coinbase. Coinbase is the safest platform to buy, sell, and manage crypto. You can now fund your account with SGD instantly with zero-fees.

How to buy crypto using Binance in Singapore? ›

How to Buy Cryptocurrency on Binance P2P (App)? Navigate to the Binance P2P page to buy Bitcoin. Choose your preferred local currency, click on the "BTC" trading pairs, and select from a wide range of supported payment methods. Start trading as directed on the page.

Which countries cannot use Binance? ›

  • Italy. In July 2021, Italy's Commissione Nazionale per le Società e la Borsa ordered Binance to be blocked from operating. ...
  • India. ...
  • Japan. ...
  • Netherlands. ...
  • Nigeria. ...
  • Philippines. ...
  • United Kingdom:
Mar 26, 2024

Which crypto wallet is used in Singapore? ›

Singapore has 7 trusted exchanges available for you to sign up for, with the most popular being Coinbase and Binance, which account for a combined 280,000,000 active users. After signing up to an exchange you will need to verify your identity and address, which is part of the Know Your Customer (KYC) process.

Can I use Coinbase in Singapore? ›

Licensed by the MAS

Coinbase Singapore Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Major Payment Institution (Licence No. PS20200603).

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