users in Singapore given one month to withdraw assets, redeem tokens

SINGAPORE – users in Singapore have been given one month to withdraw their fiat assets and redeem their tokens as the platform operator seeks to comply with a Monetary Authority of Singapore (MAS) directive.

Binance – the world’s largest cryptocurrency exchange by trading volume – said on Monday (Sept 27) that users in the Republic would no longer be allowed to buy and trade cryptocurrencies on its main platform next month.

On Sept 2, Binance was placed on MAS’ Investor Alert List and ordered to cease providing payment services that are regulated under the Payment Services Act to Singapore residents.

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