IMPORTANT UPDATE ON BINANCE.COM FOR SG USERS

Earlier, we wrote a blog post about the changes to Binance.sg.

As a follow up, Binance.com has announced yesterday that 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.

Screen capture of announcement. Source: Binance.com

How would this impact SG users?

Well.. this simply means that Binance is no longer a valid option for SG traders to buy/sell/trade/swap cryptocurrencies, for the foreseeable future.

Huat Pool has updated our How to buy/delegate ADA” section.

Conclusion and Huat Thoughts

The ongoing regulatory saga between Binance and Governments has it root causes and subliminal messaging. As a centralisaed exchange, it is up to Binance to resolve the concerns from governments that Binance is up to the regulatory standards required of an exchange (and many other requirements). Governments on the other hand, should recognise the inevitable transition towards a digital edge and improvement on legacy systems, which has been proven to be easily corrupted by a few actors. 

As with the announcement on Binance.sg, we find it a pity that ultimately the users/ traders who assumed the most risk in search for a better life, now have one less channel option. Since day one, Huat has always supported decentralisation, so that everyone everywhere has a fairer, more equal way to improve humanity together. We sincerely hope that Binance and Govts can resolve their differences and allow the people the option to pursue their own better lives. 

 

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