Binance has withdrawn its application for a licence to operate in Singapore. The crypto giant plans to close the trading platform for the country by 13th February 2022.
Binance Singapore users will receive an email with instructions as to what steps to take as the platform ceases operations. The company’s stated that Binance Singapore will be closed for registration, crypto deposits, and trading.
Binance Asia Services (BAS), a local branch of the exchange, is one of about 170 crypto companies that have applied for a Digital Payment Token License in Singapore, which would allow them to offer digital asset services to local users, forbes.com reports. Crypto services can still be offered while the license application is pending.
“We always put our users first, so our decision to close Binance.sg was not taken lightly. Our immediate priority is to help our users in Singapore transition their holdings to other wallets or other third-party services,” said Richard Teng, Chief Executive Officer of Binance Singapore.
Binance CEO Changpeng Zhao commented on the issue on his Twitter account:
Binance Asia Services is refocusing its Singapore operations into a blockchain innovation hub to develop the global blockchain ecosystem, the press release says.
The exchange will stop offering services through its local website Binance.sg by 13th February 2022, closing all existing accounts. Users still have time to close their positions by this date.
As reported by the Monetary Authority of Singapore (MAS), about 100 companies had either withdrawn their applications or had them rejected, and only four applicants had received positive responses to their requests.
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