Binance Global

Regulators in the U.K. have banned Binance from operating in the country, while places like Hong Kong and Japan have issued warnings against the exchange. In response, Binance has taken a series of measures in an effort to comply to an evolving patchwork of regulations in different markets.

Authorities in Germany, Italy, Malta, and Lithuania, meanwhile, have banned the crypto exchange from offering financial contracts that can carry a lot of risk . Binance withdrew those offerings in response, but continues to offer spot trades for crypto assets.

The company said the decision was made “taking into account strategic, commercial and developmental considerations globally.” “We always put our users first, so our decision to close Binance.sg was not taken lightly ,” said Richard Teng, CEO of Binance Singapore.

According to the world’s largest crypto exchange, it’s Singapore arm — binance.sg — will be shutting down by 13 February 2022. Investors have till the deadline to withdraw their funds. Thereafter, their accounts will be suspended and they will no longer have access to it .

The FCA had ordered Binance to stop all UK regulated activity last June over worries about weak consumer protections, amid a wider crackdown on the cryptocurrency industry’s potential role in fraud and money laundering.