Cryptocurrency Q&A
Is Binance banned in Singapore?
Is Binance banned in Singapore?
GwanghwamunGuardianAngelWings
Tue May 28 2024
|
5 answers
816
Could you please clarify if Binance is currently prohibited in Singapore? I've heard rumors about regulatory restrictions, but I'm not entirely sure about the accuracy of those statements. Could you provide any official statements or announcements regarding Binance's status in Singapore? Additionally, would it be possible to outline any potential consequences for individuals or businesses operating with Binance in Singapore, despite any supposed ban? Thank you for your assistance in clarifying this matter.
5 answers
StormGalaxy
Thu May 30 2024
The MAS' earlier statement regarding Binance has caused some misunderstandings. On 14 November 2022, MAS clarified that Binance was not "banned" in Singapore. However, it did prohibit the exchange from actively soliciting Singaporean users.
Was this helpful?
50
88
Elena
Thu May 30 2024
This clarification is important in understanding MAS' regulatory approach. MAS does not typically "ban" entities from operating in Singapore outright. Instead, it focuses on ensuring that businesses comply with local regulations and standards.
Was this helpful?
114
76
Ilaria
Thu May 30 2024
In the case of Binance, MAS' action reflects a desire to protect Singaporean investors from potential risks associated with unregulated cryptocurrency exchanges. By prohibiting Binance from actively targeting Singaporean users, MAS aims to mitigate these risks.
Was this helpful?
318
39
HanjiArtistry
Wed May 29 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services including spot trading, futures trading, and wallet services. These services allow users to buy, sell, and store various cryptocurrencies securely and conveniently.
Was this helpful?
193
58
ethan_thompson_journalist
Wed May 29 2024
As a professional practitioner in the field of cryptocurrency and finance, I understand the importance of regulatory clarity. MAS' statement on Binance, while initially confusing, ultimately serves to clarify the regulatory landscape for cryptocurrency exchanges operating in Singapore.
Was this helpful?
141
71
