Binance Asia Services, the Singapore entity of CZ, has withdrawn its application for a license
According to Bloomberg, Binance Asia Services Ltd., the Singapore entity of Changpeng Zhao, has withdrawn its application for a license.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 February 13.
Binance shuts down Singapore trading platform
Binance issued a statement stating that Binance Asia Services in Singapore will be repositioned as a blockchain innovation center, including incubation programs, blockchain education, and further investment. Binancecom’s operations and global compliance process will not be affected.
Binance Singapore’s users will be informed through email as to what steps they will need to take as the platform ceases its operations. The company said in an emailed statement that registrations, crypto, and currency deposits and trading on Binance Singapore’s platform would be closed with immediate effect.
“We always put our users first, so our decision to close Binance.sg was not taken lightly,” said Richard Teng, Chief Executive Officer of Binance Singapore. “Our immediate priority is to help our users in Singapore transition their holdings to other wallets or other third-party services.”
Binance Singapore was among roughly 170 companies that had applied to the Monetary Authority of Singapore (MAS) for a license to provide crypto services. The company had been operating under a temporary exemption during the licensing process.
Read the news together. This one from last week. Different paths to the same destination.
» Binance acquires 18% stake in Singapore-regulated Hg Exchange, Companies & Markets News & Top Stories – The Straits Times https://t.co/D9oywGEavV
— CZ ? Binance (@cz_binance) December 13, 2021
Last week, Binance Singapore made an investment in Hg Exchange, a regional private securities exchange. The deal gives them a post-money stake of 18% in a Singapore-based exchange that was granted a Recognized Market Operator license by MAS earlier this year. The deal will be subject to regulatory requirements.
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