Quite a number of countries are getting blacklisted or restricted from performing some or more Crypto activities through a few Crypto exchanges. Recently, the world’s largest crypto exchange, Binance have officially limited it’s Singapore users from performing fiat deposits and spot crypto trading on the platform.
Singapore users will no longer be able to carry out the above operations on the Binance platform as from this Monday, onwards.
A statement released by the world’s biggest crypto platform on it website, ‘www.binance.com’, states, ” Our users in Singapore shall be barred from using the following services in compliance with our commitment to various country regulatory bodies”.
This move was made due to the rules and policies made on its country’s Monetary Authority as regards to transacting digital assets and markets.
SINGAPORE INVESTORS PORTFOLIO
With the country said to be one of the top economic influencers in the crypto world, a Total of 78% crypto holders in the country are holders of Ethereum while 69% are holders of bitcoin. While another percentage of 33% are said to be non crypto holders as a large percent of this number have said a lack of education and knowledge on how the Crypto operates is the major reason they haven’t considered threading such a path.
A larger number of those who are trading the crypto markets in the Singapore country have said they are doing so for a long term basis and not as a day-to-day trader. This research was carried out by coinmarket cap and Gemini.
Singapore users have further been advised to withdraw all their funds and desist from performing any operations on the Binance app onwards in order not to be at a disadvantage.
