Exchange of cryptocurrencies Binance is shutting down its exchange in Singapore after withdrawing its application to operate a digital asset exchange in the country with the Monetary Authority of Singapore (MAS). “From 13 January 2022, buying and selling crypto from users’ existing assets will be discontinued,” Binance Singapore stated.
Binance has withdrawn its application to run a cryptocurrency exchange in Singapore
Binance announced changes to its Singaporean platform, Binance.sg, on Monday that will affect all users. The exchange detailed: “The decision has not been made lightly,” it said.
“Binance Asia Services Pte Ltd (BAS) intends to withdraw its licensing efforts in Singapore and wind down its digital payment token (‘DPT’) services in Singapore by 13 February 2022,” the company said in a statement.
Binance has announced that no new user registrations will be allowed on the platform as of today, and existing users will not be able to deposit crypto or fiat.
Customers should start making plans to withdraw their fiat and cryptocurrencies from the platform now, as the exchange clarified that “users may continue to buy and sell crypto using their existing assets until 12 January 2022.”
“Users can only withdraw and move their crypto to third-party platforms or crypto wallets; and/or withdraw their SGD” between Jan. 13 and Feb. 13, 2022, the exchange stressed, adding that “all accounts must be closed by 13 February 2022.”
The CEO of Binance Singapore explains why the crypto exchange is closing down
Changpeng Zhao (CZ), the CEO of Binance, took to Twitter on Monday to explain why his company has decided to withdraw its application to operate a local exchange in Singapore. He wrote on Twitter:
“Last week, Binance made a significant investment in regulated exchange HGX. Our own application was rendered obsolete as a result of this investment. We will continue to work with our partners to help Singapore’s crypto industry grow.”
The platform announced last week that it had purchased an 18% stake in Hg Exchange, a Singapore-based private securities exchange (HGX).
The platform halted some services in Singapore in September after the Monetary Authority of Singapore (MAS) issued a warning ordering the exchange to stop providing payment services. Binance then stopped offering fiat deposit services, spot cryptocurrency trading, fiat-to-fiat cryptocurrency purchases, and liquid swaps.
Binance has been warned not to operate without a license by a number of countries. Other regulators, including those in the United States, the United Kingdom, South Africa, Australia, Norway, the Netherlands, Hong Kong, Germany, Italy, India, Malaysia, and Lithuania, have issued warnings against the exchange. Binance stated in August that regulatory compliance was a top priority for the company.
“We’re making a number of very significant changes in organizational structures, product offerings, internal processes, and the way we work with regulators,” Zhao said last week. In most places, we’re in the process of establishing real offices, legal entities, a proper board, and proper governance structures.”
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