Singapore BANS Binance | What Should You Do?
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On 2nd September, MAS told Binance to stop their services in Singapore. In this video, I’ll explain what is happening to Binance, what I personally think about the ban, and what you can do about it. Enjoy!
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0:00 – Intro
0:43 – What happened
MAS decided to ban Binance because it didn’t submit an application to operate in Singapore. At the same time, Binance is getting banned in many countries, eg Germany, US, UK, Japan, Hong Kong, Italy, Thailand and even Malaysia.
3:43 – Impact of the bans
To get a rough idea what will happen to Binance in Singapore, we can see what happened to Binance elsewhere. Binance stopped offering derivatives to Hong Kong, Germany italy and Netherlands. Binance also stopped allowing Britains and Malaysians to use their currencies.
So, it seems like Binance is still usable even after all the bans.
5:16 – My thoughts
I’m not worried for a few reasons.
Binance is the largest exchange out there. And Binance has 0 incentive to stop operating.
The CEO is looking to IPO their US branch. And Binance is actively looking for funding.
Binance is very active. They are constantly doing events, releasing new features, and actively hiring in SIngapore.
8:16 – How to be prepared
So far, you can still use P2P to buy cryptos with SGD. Binance recently also reenabled USD bank transfer. If Binance ever gets shut down, you can just use other crypto exchanges.
Also, don’t keep your cryptos in Binance. If you want to earn interest, you can transfer to other platforms like Hodlnaut, Crypto.com, Celsius to earn 6-7% interest. But the risk is that these platforms could get hacked or the platform shuts down, and you will lose everything.
If you are worried about that, you can transfer to a cold storage like the Ledger Nano S. The device is offline, so hackers won’t be able to hack and steal your cryptos.
Vídeo
Me chamo Felipe Trader e moro aqui em São Paulo. Comecei no forex a 6 anos atrás e hoje vivo somente do meu trading diário. Aqui no blog conto pra você as ferramentas e serviços que uso pra ser lucrativo.
I love this dude’s 100% pure Singaporean accent 😘
hi Kevin, could you make a video for those with assets stuck on BEP2 or BEP20 but yet unable to swap to other network because it is difficult to buy BNB in an easy way since Binance is being banned? thank you TT
Hi kelvin is there anyway I can private message you to ask you some questions
hi 我想问要怎样把binance 的 coin 转去其它的App？
As in today my money stuck in binance lol me. I like u! So i subs 👍
Hi kelvin, since we cant trade on binance anymore how do we shift or withdraw our assets out?
Thanks for your knowledge cos crypto stock made me rich beyond reasonable doubt but am not saying it easy to do but that's why am here to help you guys and give true advice from my heart
How to transfer my cripto
today cannot trade use binance in singapore
Hi Kelvin thanks for the informative video helping us a lot – would it be possible if you can also cover the upcoming Hong Kong Derivatives Ban coming in Jan 2022. Hong Kong and Singapore share the similar FINA story and community and would like to know in depth from your perspective (Follower from Hong Kong!). Holding a lot of Spots as a HK Binance User – quite concerned this SG story will be followed by HK as well.
Anyone here know any way to like liquidate the usdc holdings into sgd with the cheapest way
Is there anything binance global users need to do now that they have announced to stop spot trades and depositing fait currency etc, please do a follow video, thank you!
Been using Gemini for SGD/LTC , and then sending it to Coinbase to purchase ADA. And then Sending it to cold wallet for staking
Then which other exchange has Low fees like Binance?
bud, perfect video! you tell everything truly well! Can u tell me, as a beginner, how to participate in the Sakura Apes presale on October 11? This collection generates X's by airdrops every month, it's very? NFT monthly subscription seems great for me
Hello Nigel. So just to be sure, Binance SG is still okay to hold cryptocurrency? I went overseas and did not check the news. Now I panic.
Great video Kelvin. Could you do a review on OKEx?
My friend choose binance cos no limit. Beside binance, other option w no limit?
actually i use binance from time to time by trading a little usdt/btc and eth or bnb. hope binance will continue working
Hmm,I registered afew days ago but I'm unable to do the intermediate verification via app and browser..keeps on loading and loading😵
They ban alot of things which is fustrating. Hope theres another app.
banned now….
It's really sad that Binance was banned. Although there are still good options for exchanges such as Kraken or Finex.
Can we use Kucoin in Singapore?
Do you have a video on how Nano works?
hi kelvin, can u do a review on cakedefi?