Singapore BANS Binance | What Should You Do?

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

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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.

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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,, 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.


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  • 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?

  • one of the way out is to start trading somewhere else. Finex looks fine, if you're experienced enough

  • hi kelvin, can u do a review on cakedefi?

  • Kelvin, will you be doing a video of steps by steps transferring crypto to ledger nano from binance sg? Thanks! 🙂

  • I started trading on Binance but then switched to Bitfinex.

  • FUD everywhere

  • Hi kelvin
    Syfe launch new products. If dca products like cspx, qqq is it better to use syfe or Interactive

  • hi, what do you think about Celsius

  • I still have no idea how to use the Binance app.

  • I bought ethereum on binance SG, does the ban apply for that? Should I transfer my crypto to elsewhere or is it safe to use binance SG? Please help me :((

  • FYI in Malaysia the binance website is no longer accessible. i.e. Cant access if you are on a Malaysia IP address.

  • Hi kelvin. After the coming Friday, can we still use the Binance website? Must we take out all funds in the Binance app or just keep. Only now the app cannot work right, the website can.

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