Binance shelves plans for crypto platform in Singapore
Photo: Unsplash
Binance is going to close down its crypto exchange in Singapore after failing to reach an agreement with regulators this year.
It is another blow for the company which has been aiming to establish operations across the world.
#Binance Asia Services Ltd., the Singapore entity of Changpeng Zhao, has withdrawn its application for a license。Binance sg will wind down operations and close by Feb. 13 #cryptocurrecy #Crypto #cz_binance pic.twitter.com/WI0rb0mI6Z
— Louis Hoang (@louishoangcom) December 13, 2021
Binance Asia Services, the company’s Singapore arm, confirmed on Monday that it would be withdrawing its application for a license to run a crypto firm in the country and that it would finish closing down its exchange by February.
Back in September, the Monetary Authority of Singapore made Binance close down its operations and put the company on an investor alert list, citing a possible breach of local law.
Binance Asia Services announced its investment in the Southeast Asian exchange HGX supported by the Zilliqa blockchain, acquiring 18% of its shares. Earlier this year, HGX was granted a Recognised Market Operator license by the Monetary Authority of Singapore.
— Wu Blockchain (@WuBlockchain) December 8, 2021
$170bn transactions are handled daily in Singapore, which is one of Binance’s key jurisdictions.
Changpeng Zhao, the company’s CEO, is based in Singapore, which broadly has a welcoming view towards crypto, especially when compared to China.
🤝 Welcome to Porto, welcome to our Club! 🔵⚪
— FC Porto (@FCPorto) December 4, 2021
Changpeng Zhao, Binance CEO and his team, visited the Estádio do Dragão today 🐉 💪🏼#FCPorto #Binance @cz_binance @binance pic.twitter.com/PK2OnRQ5A5
However, when it comes to certain applicants seeking licenses, one being Binance, Singapore has been strict.