One of the world’s largest cryptocurrency exchanges, Binance revealed withdrawing its approval application to operate in Singapore.
This comes after one year of applying for it, and the cryptocurrency firm hasn’t properly established its global headquarters anywhere yet. In mid-February, Binance will delete all the users’ accounts it has till then, in Singapore.
Binance Out of Singapore
Since Singapore is one of the technologically advanced nations, it’s approached by various firms to set up their headquarters often. And Binance too had a look on it for a while, but it’s now stepping down from that thought, as it ended serving Singaporeans now.
As per its blog, Binance said it withdrew its application for Digital Payment Token License in Singapore, after a year of applying! If granted, this would allow Binance to offer its digital assets services to local users. Applied with the Monetary Authority of Singapore, the authority has granted only four licenses to date, of nearly 170 applications filed.
Yet, it allowed applicants to serve the customers while their request is in review, and Binance has been serving the Singaporeans to date like that. But this going to change, as it withdrew its application now. Thus, Binance Singapore will stop its operations in the country by February 13, 2022.
It will close all the existing accounts by then and will bar users from enrolling starting today. Trading will cease until Jan. 12, 2022, with users able to withdraw their holdings to external wallets until February 13, 2022.
Announcing this closure, Binance Asia said the decision was taken after considering the “strategic, commercial and developmental considerations globally”. Also, “We always put our users first, so our decision to close Binance.sg was not taken lightly”.