Hasta luego Singapore. The crypto exchange platform Binance is ready to ban Singapore residents from using its services after the Monetary Authority of Singapore placed new stringent measures on cryptos trading. To avoid being persecuted for violating trading practices, Binance has outright banned people trading cryptos from Singapore on its platform. Now, Binance already has a local company in Singapore that is not subject to any of these regulations and has applied for a license — it may not be the end of the Binance/ Singapore relationship after all!
Despite an aura of skepticism surrounding the company, Binance has totaled an average daily volume of $2b, with 1.4 million transactions per second. Today, Binance is considered to be the largest cryptocurrency exchange in volume.
Why it matters
The UK has banned Binance from operating in the country, while Hong Kong and Japan have issued official warnings. As the interest for crypto as an asset class grows, the crackdown on exchanges like Binance will only increase. This happens just a week after China announced the complete ban of crypto and digital currencies.
