The exchange, which is backed by Japanese social media firm Line Corp, said it has suspended new sign-ups and credit card payments and will cease operations in a few months.
Banks in Singapore are required to have the maximum coverage possible for exposure to crypto, a senior minister has revealed.
A large chunk of Binance's emergency insurance fund – 44% – is made up of the crypto exchange's own BNB tokens, crypto followers have noted
Genesis Block says it will be closing down its over-the-counter trading portal on December 10
FTX, which had been one the world’s largest crypto exchanges, filed for bankruptcy protection on Friday after traders withdrew $6 billion in just 72 hours
The Singapore state investor said it had invested $210 million for a minority stake in FTX International, and $65 million in FTX US
FTX founder and former chief executive Sam Bankman-Fried, said he expanded his business too fast and failed to notice signs of trouble at the exchange
"We do need some regulations. We do need to do this properly. We do need to do this in a stable way," Binance CEO Changpeng Zhao said
Crypto exchange said on Saturday it detected unauthorised access and analytics firms said crypto assets valued at around half a billion dollars were stolen and it may have been hacked.
Crypto exchange founder Sam Bankman-Fried transferred $10 billion of customer funds from FTX to his trading firm Alameda Research, sources allege, adding that about $1.7bn is 'missing'
Cryptocurrency markets were hit hard again on Thursday, after Binance walked away from a bailout deal for its smaller rival exchange FTX.
Market participants were stunned when Binance signed a non-binding agreement on Tuesday to buy FTX's non-US unit to help cover what it called a liquidity crunch.