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Binance Derivatives market - Singapore

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Cryptocoins Exchanges / Binance 227 Views

Due to the reason ban of Binance in Singapore(source: https://www.straitstimes.com/business/companies-markets/binancecom-users-in-singapore-given-one-month-to-withdraw-assets-redeem)

I’ve got a few questions regarding Binance. We all have been using Binance and with the ban, most of us have transferred our money out.

Abit of a background, I’m a quant trader with a local firm which does old school derivatives. I’ve built myself an algo bot which trades of the crypto markets. I’ve just finished live testing it using Binance data and API. I’m trading the derivatives on binance, basically the swaps. It trades the top 30-50 volume traded coins. I would love to continue using Binance since it’s the most liquid(highest traded daily by volume - averaging 80b/day) as my algo does quite a number of trades with quite big position sizing and I’m worried another exchange like OKEX, Huobi won’t be able to fill my positions as it does market orders.

So how does this ban affect the derivatives market for us in Singapore? I reckon we are still able to trade on the derivative market but do we need a VPN? How about the deposit and withdrawing process. Will there be an issue?

Another scenario - my gf is an Australian PR and has an Australian ID, if I asked her to create a Binance account with her ID. Am I allowed to use it in Singapore? In both aspects of needing a VPN to trade here as well as deposit/withdrawing(do I need an Australian bank account?)

Hope to get some advise from you guys. Cheers.

EDIT: just to add on - KYC is using a Singapore IC. Basically my IC ????

submitted by /u/Rebellac
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