Binance Closure in Singapore
Fret not; there is no urgent need to move your coins yet
If you’re reading this, you must have read that Binance made an announcement here on 5 Sep that it is making changes to its offerings in Singapore.
The 2 most important points of this announcement are:
No more downloading of Binance app on App Store and Play Store
No more P2P transactions (i.e. on-ramp and off-ramp) with SGD as the base currency
The above will be effective by 12 noon this Friday (10 Sep)
What should I do?
Firstly, please don’t panic. Your funds and tokens are not going to disappear. Being the market leader, Binance has every vested interest not to slay the cow that is giving it milk.
If ever Binance were to fully shut off its operations, it will likely do so in an orderly manner and give users ample time to unwind positions and withdraw their assets.
On this note, please be reminded to store your tokens in your own wallet. Always remember: #notyourkeysnotyourcoins
What’s more, please don’t forget that our gahmen has a stake in Binance too.
With Binance P2P gone, what are my options?
Well, to on-ramp (and off-ramp) there are 2 ideas I have in mind.
On-ramp via FTX
FTX is an excellent centralised exchange (CEX) with many of the offerings that Binance (albeit with a limited Futures option). You can on-ramp via FTX by following these steps
Off-ramp via Huobi P2P
Selling crypto to fiat normally favours the sellers, so you might want to check out this P2P alternative to Binance.
No mobile app how can? What if I still want to trade on the go?
Well, as shared above, FTX and Huobi are some of the leading Centralised Exchanges (CEX) in the world. My take is to open as many of these CEX as you can as you will never know when you might need to them to trade some fringe cryptos (e.g. INSUR is only available on Huobi now, and many SPL tokens are trading primarily on FTX).
Take your pick from this list here of exchanges available. If you choose to open an account from the link I provided in the list, you will be eligible for fee discounts (varies from exchange to exchange) when you perform spot trades.
Questions? Let me know your thoughts and feedback at @fastgamecrypto (Twitter/Telegram)
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