can binance be used in singapore

Singapore residents cannot open new accounts or trade on Binance.com due to regulatory restrictions, but can access Binance Singapore after KYC verification.

Nov 11, 2024 at 10:41 am

Can Binance Be Used in Singapore?

1. Regulatory Status

• Binance has been operating in Singapore without a license since 2019.
• The Monetary Authority of Singapore (MAS) announced in September 2021 that Binance is not licensed to provide capital markets and payment services in Singapore.

2. Trading Restrictions

• Singapore residents cannot open new accounts on Binance.com.
• Existing Binance users who are Singapore residents can withdraw funds but cannot trade or deposit.

3. Binance Singapore

• Binance launched Binance Singapore in 2021 as a licensed entity.
• Binance Singapore is only available to Singapore residents and requires users to undergo Know Your Customer (KYC) verification.
• Binance Singapore offers a limited range of cryptocurrencies compared to the Binance.com platform.

4. Alternative Options

• Singapore residents can trade cryptocurrencies on alternative platforms that are licensed or regulated in Singapore, such as:

  • Coinbase
  • Crypto.com
  • Gemini
  • DBS Digital Exchange

5. Legal Implications

• Using Binance.com in Singapore may violate regulations.
• The MAS has issued warnings and taken enforcement actions againstBinance.

Conclusion

Binance cannot be used in Singapore for trading or depositing due to regulatory restrictions. Singapore residents should only trade cryptocurrencies on licensed or regulated platforms to ensure compliance and protection. Binance Singapore offers a limited option for Singapore users, but it requires KYC verification and has a smaller range of assets available for trading.