Binance shelves plans for crypto platform in Singapore

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, 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.

$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.

However, when it comes to certain applicants seeking licenses, one being Binance, Singapore has been strict.

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