singapore attack binance.com

[Jackl87]

Binance.com's time has ended in Singapore they will stop the deposit feature, even though Binance, which is the largest crypto exchange platform in the world based on trading volume, members are given 1 month to withdraw.
This clearly affects BNB
https://www.forbes.com/sites/zinnialee/2021/09/28/binance-to-ban-singapore-users-from-crypto-trading-and-buying-on-its-global-platform/?sh=6d074dd17e17

Singapore is a huge financial market that also has a lot of wealthy people that are potential investors into crypto but in the end singapore only has about 5,5 million citizens so i would say that the impact of this news will probably not be that big if you compare this to the news that china basically declared crypto as a whole as illegal and even then the prices only went down around 10-20%. Looking at the BNB price right now i would say that this news had no effect at all at the price as BNB is even in the profit zone today. I am pretty sure this news will be forgotten pretty soon and everything will go on as usual.

[goolesby]

according to an article I read that a MAS Spokesperson said the ban was likely because Binance, the operator of Binance.com violated the Payment Services Act for providing services without a compliant license. Binance did not apply for a license according to applicable regulations
obviously greatly affects the price of BNB because Binance is the largest cryptocurrency exchange platform in terms of volume. Binance has come under pressure from regulators around the world for fear of crypto being used in money laundering practices and the high risks faced by consumers.

[Silver80]

Your title must be changed,

The title is misleading,

The title misleads me

Do not judge a book by its cover

Content and title are causing great misunderstanding for readers.

Even you call yourself "robattfield" but still mean attack in the real sense, don't turn there,looks like we have a lot to learn "inappropriate words/figuratively."
Attacks can be regulations or rules, binance is attacked by regulations made by the monetary board in Singapore, so they have to stop operations within a month and can only make withdrawals cannot deposit and trade, after they make repairs according to their monetary board's request,  This resulted in the result having to be pulled in the local Google Play Store and iOS Store, they gave the opportunity until October 26 to withdraw.
This enforcement is global by Binance company but not for local Binance.
they will return but who knows when, as long as it is not adjusted to the existing regulations, they will stop operating.

Wait so they ended in the deposit feature in Singapore but what about the withdrawal? I think people can still withdraw their cryptocurrency without much problems to their own wallets, unless I am mistaken? And anyway, as far as I know Singapore is more or less a tax haven so I would think that they aren't all that serious about future or present regulations regarding Binance...

maybe my answer answers your curiosity a little.

Ops did you just choose this title to get people's attention to this thread, you may have to change the title of the thread to represent the real content of the message.

there's nothing interesting if you don't read it and go through it.
I find it interesting to talk about the future of BNB over this incident.

[Silver80]

Binance.com's time has ended in Singapore they will stop the deposit feature, even though Binance, which is the largest crypto exchange platform in the world based on trading volume, members are given 1 month to withdraw.
This clearly affects BNB
https://www.forbes.com/sites/zinnialee/2021/09/28/binance-to-ban-singapore-users-from-crypto-trading-and-buying-on-its-global-platform/?sh=6d074dd17e17

Are you sure it affects BNB? I don't think so, the news was from a few days ago and look at today's BNB experiencing a fairly large increase.
Btw, isn't Binance's office in Singapore, so what if their service is stopped there?

yea, there will be a big sale from singaporeans, or there will be a large scale move, in the near future it will run for 1 month until they close the platform in october.

You worry too much. Looks like you didn't read the article you shared carefully, or maybe you haven't finished reading it yet. This problem is temporary, until regulatory issues are resolved everything will return to normal.
This news doesn't have much impact on BNB, you can see today BNB is growing Green again. I hope you don't sell your BNB after hearing this news.

what you say is true, but we don't know when they will immediately follow the regulations, it's not just about 1-2 days.  It's been reported that Binance has been pumping for the past few days to maintain their stability over the next month, which will be difficult for them.

[DarkDays]

Your title must be changed, i have been reading this news and it seems like binance was trying to consider again to provide a service for the singaporean due to the regulation compliance. Binance was also stating that if binance has found a good reason to accept singaporean again and it will be opening its service in singapore. I guess this is just a temporary ban.

It seems that for now at least whether this is a temporary ban or not is still unclear.

Binance for sure would want to operate in as many countries as possible but ultimately it is up to each county's regulation on crypto. Given the circumstance this stands with the Singaporian government rather than Binance itself.

However, one would like to remain optimistic about the future of crypto regulation not just in a few countries but globally, and so only time will tell, though I have the feeling it will just end up something like this

[jrrsparkles]

Exactly this is how actually the ban works but still people get offends and starts selling their assets which affect the price and get collapsed for a while.

By the way, the centralization is going to be increased with all such regulations so make sure everyone is entering into banking system like structure or else you still have p2p and DEXs.

[layoutph]

This is so bad for singaporeans. Singapore is a small nation but plenty of crypto-oriented individuals. I wish they will remove the mas banning of crypto deposits from that country.

Binance.com's time has ended in Singapore they will stop the deposit feature, even though Binance, which is the largest crypto exchange platform in the world based on trading volume, members are given 1 month to withdraw.
This clearly affects BNB
https://www.forbes.com/sites/zinnialee/2021/09/28/binance-to-ban-singapore-users-from-crypto-trading-and-buying-on-its-global-platform/?sh=6d074dd17e17

[devil2man]

I do not believe that binance will give up so easily to a market as rich and large as Singapore but i believe that it will try to adapt to the guidelines imposed by the government of Singapore to ensure that it can continue to allow users of this country to continue to enjoy all the services of the exchange

[asus09]

Binance.com's time has ended in Singapore they will stop the deposit feature, even though Binance, which is the largest crypto exchange platform in the world based on trading volume, members are given 1 month to withdraw.
This clearly affects BNB
https://www.forbes.com/sites/zinnialee/2021/09/28/binance-to-ban-singapore-users-from-crypto-trading-and-buying-on-its-global-platform/?sh=6d074dd17e17

Not any effect and United State give new announcement with never banned anymore cryptocurrency again, most effective with United State announcement than Singapore want to attack Binance exchange. The member from Binance exchange not only from Singapore but around the world and many people still use this exchange platform for trading and investing.

[7788bitcoin]

Binance.com's time has ended in Singapore they will stop the deposit feature, even though Binance, which is the largest crypto exchange platform in the world based on trading volume, members are given 1 month to withdraw.
This clearly affects BNB

This is not surprising as majority of the countries have taken the stance against Binance. If a government ask Binance to be transparent they always run away from that country and ask the people to withdraw their coins because they cannot further conduct business with them and if they keep running like that what would happen to them, they will keep running until they allow a few countries who will be deemed as safe heavens.

[maju69]

Even though Singapore was predicted to be a cryptocurrency-friendly country and their support for planning as a country that legalized cryptocurrencies. But since I don't really follow news developments in the country, I'm still quite clueless about some of the news that Binance Exchange has recently received.

[Rengga Jati]

Actually, Binance has its solutions, besides withdrawing their assets given in one month, Binance also suggests the citizens use Binance.sg.
It is not about an attack from the Singapore government, due to the changing policy and also in order to respect the Regulated Payments Services in that country, Binance has done some evaluations about that and toke the solution.

Users in Singapore can register for an account on Binance.sg, which is operating under the relevant exemption granted by the MAS.

Source: https://www.binance.com/en/support/announcement/34c6c158d03a4877a4e13cf0927468bc
Other source related to this change: https://www.binance.com/en/support/announcement/a38b8ee33ba847f9b91562b8709fe539

I am not sure that this will influence enough the price of BNB. They can still trade but using the platform of Binance.sg and so far, there is no significant impact on the price of BNB because of that change.

[goinmerry]

Binance.com's time has ended in Singapore they will stop the deposit feature, even though Binance, which is the largest crypto exchange platform in the world based on trading volume, members are given 1 month to withdraw.
This clearly affects BNB
https://www.forbes.com/sites/zinnialee/2021/09/28/binance-to-ban-singapore-users-from-crypto-trading-and-buying-on-its-global-platform/?sh=6d074dd17e17

Regulations problems. I'm not seeing a closure but instead, there are things that needed to be fixed. Binance already complies with any country's regulations. It won't be hard for them to face the new terms in Singapore.

There's no literal and direct attack on Singapore against Binance. It applies to all crypto-related platforms there.

[WalkerIVIV]

The title was making me feel confuse whether there was another ban again from the regulators but it seems like OP was misstyping it. Binance was making its service to be fully compliant with regulation. It was doing a temporary ban for the singaporean as the service will be fully migrated into the new site that will be dedicated to provide service for singapore citizens. Singapore was not reaslly strict but binance didn't wanna to take the risk by not comply with the regulation.

Singapore never say if they were attacking binance but your title made so many people feel confuse. I hope that the migration for binance sg will be completed as soon as possible and we will see the binance service will be available again there. It seems like any strict countries must br provided alternative site like binance sg and us.

[HardCore12V]

This isn't a serious problem for binance, if any country don't want binance exchange supports for their people anymore it's no issue, binance will keep supporting other countries, I don't see any reason why Singapore hates binance if their government believes that people are using binance to embezzling funds they should just co-op with binance after all it's a centralised exchange and the law have power over all CEX

[livingfree]

This isn't a serious problem for binance, if any country don't want binance exchange supports for their people anymore it's no issue, binance will keep supporting other countries, I don't see any reason why Singapore hates binance if their government believes that people are using binance to embezzling funds they should just co-op with binance after all it's a centralised exchange and the law have power over all CEX

It's not about hate but halt their operations because there's a new policy that binance has made. And you're right that any government, not just Singapore can work with Binance to solve the issues that they can face with their people.

But about the real thing about it, I'll paste the reason that I've posted earlier.

The actual about Binance to Singapore halting their operations for users there.

https://www.binance.com/en/support/announcement/34c6c158d03a4877a4e13cf0927468bc

But just like the US, they are launching binance.sg.

Users in Singapore may use Binance.sg for trading pairs for Bitcoin (BTC), Ethereum (ETH) and BNB currently and may expect more product releases in future. Binance.sg also provides SGD deposit and withdrawal functionality.]

[darahjuang]

Binance.com's time has ended in Singapore they will stop the deposit feature, even though Binance, which is the largest crypto exchange platform in the world based on trading volume, members are given 1 month to withdraw.
This clearly affects BNB
https://www.forbes.com/sites/zinnialee/2021/09/28/binance-to-ban-singapore-users-from-crypto-trading-and-buying-on-its-global-platform/?sh=6d074dd17e17

This does not mean that this restriction will make BNB class coins fall. Binance knows that every country has rules and Binance has proven that BNB complies with every rule in each country in the world. As of today, the transaction and demand for BNB coins continues to increase and it can be seen on the Binance exchange.

[tvplus006]

The value of the BNB exchange coin has recently depended not only on the success of the exchange itself, but also on the success of the BSC network. And since Binance Smart Chain does not experience any problems, Singapore decision cannot negatively affect the value of the BNB coin.

[so98nn]

Oh that’s bad for Singapore guys. The greatest exchange is going out of country is not good sign for the big traders, investors and also peeps who were newbies and ready to start with the crypto. What a pity thing for the country like Singapore which is practically good one for the information technology and digital media. Not sure why they have imposed so many hard regulations on the crypto side? If it was illegal then I’m not sure how those Singaporean gonna sell out their coins now and who will buy if they required to choose p2p option. I guess that won’t be available either if they have so hard complainces.

[lousie9]

the title and content of the article given is clearly very different because binance only complies with local regulations of singapore to stop local users from making fiat deposits in its global market but local binance singapore will continue to operate with all policies given by the singapore government and it seems that also applies in some countries and binance is also doing very well by continuing to work closely with governments around the world in compliance with existing regulations.