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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 regulations.
From October 26, Binance 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. Users have been given one month to withdraw their fiat assets and redeem their tokens.
This comes after Binance received from the MAS to stop providing payment services to Singapore residents earlier this month.
Binance is a popular choice for many intermediate to advanced cryptocurrency traders and investors as it has the largest trade volume in the world, offering many pairs of cryptocurrencies available for trade.
Many Singaporean crypto investors also use Binance to carry out their trading activities. So what now? Here are some steps to take:
1. Move your funds to other centralized exchanges
Besides Binance, there are many other crypto exchanges that support SGD. Here’s a quick summary of some of the possible centralized exchanges you can consider:
Here’s a simple table listing down the various coins available on other exchanges along with the trading fees:
|Crypto Exchange||Number of coins available||Fees (assuming $1,000 trade)|
|FTX Exchange||261||0.06% ($0.6)|
2. Move your funds to a digital wallet to continue trading on decentralized exchanges
To continue trading on decentralized exchanges, you can also move your funds to a hot wallet like MetaMask or TrustWallet.
To interact with decentralized applications such as Uniswap, providing liquidity in liquidity pools and earn yields, buy your first NFT on NFT marketplace OpenSea, you will need a digital wallet. The most popular digital wallet is MetaMask, a browser based Ethereum wallet.
All in all, stay calm and do your research on which is the next best exchange to move your assets to. You do not have to rush into transferring your assets out from Binance as there is one month to do so before the spot trading is unavailable on Binance.
You can also take the time this week to complete your KYC process on all the exchanges.
Featured Image Credit: Nairametrics