FI Dad and the Cryptoverse Part 1: Am I Affected by the Binance Ban in Singapore?

Staring into the Cryptocurrency Universe o.o

So Binance.com has been ordered to stop providing products in Singapore as reported here. The reason for this ‘Ban Hammer’ coming down now is due to Binance.com not being regulated under the Payment Services Act in Singapore. With effect from 9 Sep 2021, Binance.com will not be providing any SGD trading pairs, payment/transfer options and it’s apps will be removed from the Singapore iOS App Store and Google Play Store. 

**Do note that Binance.Sg is a separate entity and they are still operating in Singapore**

I think cryptocurrency in Singapore definitely has gained massive traction.  I think most folks who didn’t know or understand it previously, would have picked up bits of information or knowledge from different sources. When I ask the less informed around me about crypto, typically they still think that it’s a form of currency used for money laundering and has negative connotation. So I cannot blame anyone for thinking that way. 

Personally, I have not used Binance.com much even though it has the largest number of trading pairs and cryptocurrencies available at reasonable fees. In my most recent forays into crypto, I have been using Gemini ActiveTrader (AT) and Coinbase Pro. Gemini AT is definitely easier to use and the fees are incredibly low. The downside is the lack of trading pairs available so you win some, you lose some. But it is sufficient for my ‘yield farming’ and DeFi purposes. 

So to answer the question in the title. No I haven’t been affected in this Binance.com ‘fallout’. For those affected, try exploring the other options available if you are not a crypto trader. If you are, there are also probably available options out there or work arounds that other writers may be more knowledgeable about. 

Share with me your thoughts and comments on this ban and what you think are the future implications! Remember to stay safe everyone!

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SG FI Dad, out.