Binance to stop Singapore users buying or trading crypto on main platform

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HONG KONG (Reuters) - Binance, one of the world's largest cryptocurrency exchanges, said on Monday that users in Singapore would no longer be allowed buy and trade cryptocurrencies on its main platform, to comply with local regulation.
The Monetary Authority of Singapore (MAS) this month warned Binance.com that it could be in breach of local laws and should stop providing payment services to the city-state's residents.
From Oct. 26, users in Singapore will no longer be able to deposit fiat currencies, or buy or spot-trade cryptocurrencies on the platform, Monday's statement said - a significant tightening of restrictions announced shortly after the MAS's statement.
Binance also operates a separate local platform, which has applied for a licence in Singapore. Like other applicants, it is allowed to operate in Singapore under an exemption while the MAS processes applications.
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