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.