It has finally happened, Binance is to pull out of the Singapore market and users in Singapore will not be allowed to deposit fiat or make trades on Binance.com. What isn't clear is whether this will apply to Binance.sg as well. https://www.binance.com/en/support/announcement/34c6c158d03a4877a4e13cf0927468bc
Why is this happening now? For one, their Central Bank regulator isn't a fan of crypto trading although he is pretty bullish on blockchain.
I'm personally affected and a little pissed off because I was just asked to go through the ridiculous KYC process with the photo verification along with the bill verification.
Then, they now pull off a move like this? If this was in the works they should have just not made us go through the process.
Ray Dalio warned that as crypto becomes bigger, it becomes harder to control and that's the real danger. That government officials will impose regulations, particularly on the CEXs that make it hard to deposit fiat and also to convert your crypto back into fiat.
All this is just going to make DEXs even more relevant, along with efficient ways to trade P2P. This is something that is lacking in today's crypto space. Like if I want to trade fiat for crypto, there's no good escrow offering to handle that.
