Binance has no plan to close Singapore users' accounts after Oct 26 deadline

Binance.com users in Singapore have been given one month to withdraw their fiat assets and redeem their tokens.
Binance.com users in Singapore have been given one month to withdraw their fiat assets and redeem their tokens.PHOTO: REUTERS

SINGAPORE - Cryptocurrency exchange Binance will not be closing the accounts of Singapore users even though it has restricted access to trading cryptocurrencies on its platform, in line with a regulatory order by the Monetary Authority of Singapore (MAS).

On Monday (Sept 27), Binance said users in the Republic would no longer be allowed to buy and trade cryptocurrencies on its main platform - binance.com - and advised users to cease all related trades, withdraw fiat assets and redeem tokens by noon on Oct 26, to avoid potential trading disputes.

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