- Binance withdrew its application to operate in Singapore and will therefore close its businesses and services in the region.
- The purchase and sale of cryptocurrencies from users’ existing assets will be suspended as of January 13, 2022.
- Binance will continue to work through its various partners to encourage the growth of the crypto industry in Singapore.
You cannot always be the winner and this maxim fits perfectly with the financial markets and even more so when it comes to digital assets. This after the crypto asset exchange Binance point out that he gave his arm to twist, and withdrew its application to operate in Singapore.
The consortium recently released some changes that will affect its user template in Singapore, Binance.sg. After stating that this decision was not an easy step to take, the exchange detailed:
“Through the presentation, the company wants to let all its users know that Binance Asia Services Pte Ltd (BAS) will stop focusing its efforts on licensing in Singapore, so we will proceed to close our token businesses and services. digital payment (DPT) in the region before next February 13, 2022 ”.
Limited cryptocurrency trading
The company stated that As of this announcement, it will no longer accept new user registrations on its Singapore platform. Already registered users will not be able to deposit cryptocurrencies or fiat money, however they will have until January 12, 2021 to continue buying and selling cryptocurrencies with their existing funds.
After this date and until February 13 of next year, users will only be able to carry out withdrawal operations and movement of digital assets to third-party platforms or crypto wallets; and / or withdraw your SGD. The firm made it clear that all accounts must have been closed before February 13, 2022.
Why is Binance Singapore closing its doors?
Since the announcement of the closure of operations, many people have had doubts about the reasons why the crypto business made the decision to withdraw from the region, so Changpeng Zhao (CZ), CEO of Binance, used his official Twitter account to explain to his millions of customers and users the reason why his consortium decided to withdraw from Singapore.
The CEO noted that Binance acquired 18 percent of Hg Exchange (HGX) a Singapore-regulated private stock exchange last week so the company deemed its application somewhat unnecessary. In this way the exchange will continue “working through its various partners to motivate the growth of the crypto industry in Singapore”.
Singapore Authorities Issue Warning to Binance
Last September, following a warning issued by the MAS, the exchange stopped providing certain services in the region. The warning indicated that the crypto firm should stop providing payment services, so Binance stopped providing fiduciary deposit services, spot trading of digital assets, and acquisition of crypto assets through fiat channels and liquid swaps.
Singapore is not the only nation that has issued signature warnings. A number of regulators have issued some notices against the exchange. Some of these nations are the United Kingdom, the United States, Australia, South Africa, the Netherlands, Norway, Germany, Hong Kong, India, Italy, Lithuania, and Malaysia.
In response to the various warnings, the exchange office indicated that it had placed among its top priorities, achieving regulatory compliance.
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