The answer for Singapore users is: you can use the global version of Binance, but its features have been significantly narrowed. After the Monetary Authority of Singapore (MAS) placed Binance.com on the Investor Alert List in September 2021, Binance shut down its local entity, Binance Asia Services (binance.sg), and restricted certain services for Singapore residents on the international site. If you are in Singapore planning to open an account or continue using an old one, it's recommended to first open the Binance Official Website to check your account's regional tags. Android users can directly grab the Binance Official APP, and iPhone users should follow the iOS Installation Guide.
Conclusion First: True Availability for Singapore Users
As of April 2026, the actual situation for Singapore residents on Binance is as follows:
| Item | Availability |
|---|---|
| Register New Account | Can register on the global site, but the system checks IP and ID |
| Spot Trading | Available, with restrictions on certain compliant tokens |
| Futures Trading | Unavailable, disabled for Singapore users since 2021 |
| Options / Leveraged Tokens | Unavailable |
| Launchpad | Unavailable |
| P2P SGD | Available, but with fewer merchants than before |
| Staking / Earn | Some products available, locked staking restricted |
| Binance Card (Visa) | Not applicable to Singapore residents |
In other words, spot trading is still doable, but futures are basically gone. This is different from the situations in Hong Kong or Japan.
The Context of Singapore's Regulatory Status
To understand the current situation, you have to look at several rounds of MAS actions:
- January 2019: The Payment Services Act (PSA) was passed, bringing digital payment token services under regulation.
- January 28, 2020: The PSA officially came into effect; Binance submitted a DPT license application to MAS.
- September 2, 2021: MAS added Binance.com to the Investor Alert List (IAL), stating it provided payment services to Singapore residents without authorization.
- December 13, 2021: Binance Asia Services voluntarily withdrew its license application and shut down binance.sg.
- February 13, 2022: binance.sg ceased trading and withdrawals.
- Since 2023: MAS further tightened cryptocurrency promotion rules for retail investors, banning ads in public areas.
- Current Status: The international site maintains limited services for Singapore residents, but new users will be prompted about feature restrictions upon registration.
Key Point: Binance didn't "leave Singapore", but rather only kept the residual features of the international site. What you see is the international version binance.com, not a local version.
Registration and KYC Essentials for Singapore Users
When new users open binance.com and select Singapore as their residence, the system will directly enter a "Restricted Area" prompt process. Things to note:
1. Document Requirements
- Supports NRIC (Singapore Citizen and PR Identity Card) and FIN cards.
- Passports issued by Singapore are also accepted.
- Proof of address supports local utility bills, bank statements, and government letters, valid within 3 months.
2. Liveness Detection
Like other regions, a frontal facial scan must be completed. Singapore has relatively high requirements for photo clarity, and insufficient lighting easily leads to failure.
3. Address Information
When filling in the address, it must be exactly the same as on the document. The postal code is 6 digits, and the Block/Unit must be accurate. Randomly filling it out will lead to rejection during manual review.
4. How to Handle Existing Accounts
For old users who registered before 2021, the account will not be canceled, but upon logging in, you will see a "Restricted Features" banner telling you which functions have been closed. Assets will not be frozen, and withdrawals can be made normally.
What to Do About SGD Deposits and Withdrawals
This is the part Singapore users care about the most.
Direct Bank Connection: Channels like XFers and FAST transfers are no longer connected to Binance. DBS, OCBC, and UOB—the three major banks—have explicitly listed cryptocurrency exchanges as high-risk transaction targets.
P2P Trading: This is still the mainstream choice. The SGD market is still running, but the number of merchants has decreased from a peak of 400+ in 2021 to around 80 now. It is recommended to choose merchants with over 500 orders and a completion rate of over 95%.
Third-Party Payments: Some users route through Wise or Revolut, but such channels essentially operate in a gray area, and banks may freeze accounts at any time due to crypto-related keywords.
Crypto Deposits: Transferring USDT or BTC in from other exchanges (like Coinbase or Kraken) is the most stable method, with on-chain fees being the main cost.
Which Features Are Truly Unavailable
Many guides will write "just use a VPN", which is actually a misconception. Binance has multi-layered risk control:
- IP Detection: This is the first layer, which a VPN can bypass.
- KYC Nationality: If the document is from Singapore, even if the IP is in another country, restrictions will be triggered.
- Device Fingerprinting: Long-term use of the same device accumulates a credit profile.
- Deposit/Withdrawal Bank Card Origin: Singaporean bank cards will be identified.
Only when both the IP is non-Singapore and the document is non-Singapore will the system treat you as a non-Singapore user. For people who only have an NRIC, features like Futures and Launchpad are basically impossible to access.
Frequently Asked Questions (FAQ)
Q1: What is the easiest way for Singapore users to buy BTC? After opening a Binance account and completing KYC, use the P2P market to buy USDT, and then exchange it for BTC in the spot market. The whole process takes less than 30 minutes.
Q2: Does the MAS Alert List mean Binance is illegal? Not exactly. The alert list means "unlicensed but providing services to Singapore residents", which is a regulatory warning, not directly equivalent to criminal illegality. Users will not be prosecuted for using it, but the exchange cannot actively solicit.
Q3: Are there compliant alternatives in Singapore? Yes. Coinbase, Crypto.com, Independent Reserve, Sygnum, etc., have all obtained DPT licenses from MAS. But the coin variety and liquidity of these platforms are less than Binance.
Q4: Will my account be banned for using a VPN to log into Binance Futures? If the KYC is a Singapore identity, it will trigger a regional violation prompt. Binance's handling method is usually to restrict new position openings first, then request position closure; they rarely directly ban accounts and freeze assets, but doing this is still not recommended.
Q5: Does Singapore tax cryptocurrency? Singapore has no capital gains tax, and profits from personal cryptocurrency trading are not taxed. However, if you trade professionally (frequent trading, as primary income), it will be deemed as business income and taxed progressively as personal income tax.
Final Thoughts
Singapore is one of the most open financial centers for crypto in Asia, but the granularity of its regulation is also the highest in Asia. Binance's "semi-withdrawal" state for Singapore users has lasted for over 4 years and will not change in the short term. Users who can accept the feature restrictions can continue to use it, but if you want to trade futures, you have to consider changing your account setup or switching platforms. If you are unsure of your account status, the safest approach is still to directly log in and check the banner prompts.