SINGAPORE: Binance Asia Services, the operator of Binance.sg, has withdrawn its application to the Monetary Authority of Singapore (MAS) to operate a regulated cryptocurrency exchange in the country.
The decision was « taking into account more strategic , commercial and development policy considerations worldwide, « said Binance in a press release on Monday (December 13th).
Registrations, cryptocurrency and currency deposits and trading on Binance.sg will be closed with immediate effect.
Binance.sg will cease operations and close on February 13th next year. Users of the platform must close all open positions and withdraw their assets in Singapore dollars and cryptocurrency by that date.
“We always put our users first, so our decision to close Binance.sg did not come out taken lightly. Our immediate priority is to help our Singapore users migrate their holdings to other wallets or other third-party services, « said Binance.sg CEO Richard Teng.
Binance will become one of its Binance Asia Services operations in Singapore Realign blockchain innovation center to support the development of the global blockchain ecosystem, the company said.
In September, MAS ordered Binance – a separate entity that operates another cryptocurrency exchange, Binance.com – to provide payment services for New users in Singapore.
Binance, founded by Sino-Canadian entrepreneur Changpeng Zhao, is the world’s largest cryptocurrency exchange by volume.
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