Time To Leave Binance For Singapore Users
In an announcement on Binance website on 27 September 2021, Singapore users would not be able to use some crucial services like spot trading, liquid swap, fiat deposit etc on its main platform after 26 October 2021.
Singapore users are given a month to move their assets from the main binance platform.
As a Singapore user, it is definitely making things difficult since I am quite involved in using Binance for exchanges in its Binance Smart Chain.
I have recently started a NFT game on Binance Smart Chain and I would not be able to gain a significant profit if I were to take out my investment for the game now.
The good thing is Binance Smart Chain is a decentralised blockchain so I just have to find an alternative exchange.
Through a youtube video, I found out the kucoin exchange does accept bnb and cake in BEP20(BSC).
As a result of this news, I had explored other possible network. I found that polygon(matic) has similar functions like the Binance Smart Chain.
There are staking and farming platforms on matic network. There are also NFTs games.
The transaction fees are also low on the matic network.
After getting used to the service of Binance, it is still a hassle to stop using Binance and start using other exchanges but we cannot do anything except to make alternative arrangement to cope with this unavoidable change.
I am not the only one affected but all Singapore users are facing the same problem.
Posted Using LeoFinance Beta
Sad but I might have to do the exact same thing as they are forcing a higher level of KYC down my throat…
With the governments from different countries getting strict in things, it is indeed causing most of us to look for alternatives. KYC is like a norm for many services. Hard to say decentralised if we need to do KYC. Hope you find a good alternative too.