Crypto exchange Binance informs its users in Singapore that crypto services will no longer be available.
Big setback for Binance in Singapore: The crypto exchange had to withdraw its license application there. Operations will cease until February 13 of next year. The company said in an emailed statement that registrations, cryptocurrency and currency deposits and even trading on the Binance Singapore platform will be closed with immediate effect. However, registered users still have time until January 12, 2022 to buy and sell cryptocurrencies with their existing assets.
The decision to shut down Binance in Singapore was not really easy for us. However, our immediate priority is to help our users in Singapore transfer their holdings to other wallets or other third-party services.
said Richard Teng, CEO of Binance Singapore, according to a Forbes report. Binance Singapore was one of 170 companies that applied to the Monetary Authority of Singapore (MAS) for a license to provide crypto services. The Exchange operated with a temporary exemption during the approval process.
Not only is Binance turning its back on the Singapore crypto market
With its decision to turn its back on the cryptocurrency market in Singapore, Binance is not alone. Dozens of platforms have been forced to make a similar move in the past year. The background to this is a stricter approach on the part of the Singapore authorities. They have become significantly more cautious regarding the admission of new cryptocurrency players.
So far, only three providers have been listed in the ranks of central bank-licensed crypto exchanges. These are DBS Vickers Securities and FOMO Pay from Singapore, as well as Australian provider Independent Reserve. Be that as it may, the withdrawal will of course be a serious blow to Binance. Whether this affects plans for the UK remains to be seen.