Cryptocurrency exchange platform Binance has announced that its users in Singapore would no longer be allowed to buy and trade cryptocurrencies on its platform.

The announcement made on its website said the disruption in services is to allow the company to comply with local regulations.

“With effect from 2021-10-26 04:00 AM UTC (12:00 PM UTC+8), users in Singapore will not be able to access certain functions on Binance.com including fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap (“Regulated Payments Services”).

“We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance,” Binance said.

From late October, users in Singapore will no longer be able to deposit fiat currencies or buy or spot-trade cryptocurrencies on the platform.

The announcement from Binance follows a warning from the Monetary Authority of Singapore (MAS), telling the platform that it could be in breach of local laws. 

Recently, Binance has come under fire from regulatory bodies in Britain, Italy and Hong Kong, where it’s been accused of not having permission to carry out some activities in their markets.

In June, Japan said the crypto trading platform was operating in the country illegally.

In May, Peoples Gazette reported that the trading platform came under investigation by officials from the U.S. Justice Department and Internal Revenue Service.