The Binance exchange has announced it will be exiting the Singapore market in February, citing that they cannot maintain a competitive advantage because of an unfavorable regulatory framework. The company is committed to protecting their clients and increasing transparency when operating across different jurisdictions.
The exchange Binance Singapore has announced that it will close its doors in February. The announcement comes after a series of issues with the company and its services.
Binance Singapore, a Singapore-based subsidiary of global crypto exchange Binance, has withdrawn its application for a crypto trading license from the Monetary Authority of Singapore (MAS) and will cease operations on February 13, 2022.
“We always prioritize our consumers, thus the decision to shut down Binance.sg was not made lightly.” In an emailed statement, Binance Singapore CEO Richard Teng stated, “Our first focus is to assist our customers in Singapore move their holdings to other wallets or other third-party services.”
According to Forbes, Binance Singapore has been operating under a temporary exemption in Singapore since filing for a license to supply cryptocurrency services with the MAS.
Binance Singapore will send out letters to its users soon informing them of the measures they’ll need to follow when the site goes down.
Binance’s Singapore operations will be transformed into a blockchain innovation center in the future, including activities like as incubation programs, blockchain education, and investments.
Binance Singapore has bought an 18% share in Hg Exchange, a local private securities exchange that received a Recognized Market Operator license from the MAS earlier this year.
The United Kingdom’s proposals are still on the table.
Meanwhile, Binance has reaffirmed its intention to sell its goods in the United Kingdom. Binance’s founder and CEO, Changpeng Zhao, said last week that the exchange hopes to become a registered service provider in the United Kingdom in six to 18 months.
“There, we’re totally re-engaged.” “We’re making a lot of big changes in terms of organizational structures, product offerings, internal procedures, and how we engage with authorities,” Zhao said. “We wish to maintain our presence in the United Kingdom and provide fully licensed and compliant services to UK consumers.”
In order to handle the warning Binance got from the Financial Conduct Authority (FCA) in June, the exchange has already hired “a lot of ex-regulatory professionals from the United Kingdom and a couple of hundred compliance people.”
The FCA’s notification was one of the first cautions Binance got from authorities throughout the globe, prompting Zhao to adopt a more proactive approach to the platform’s compliance strategy, as previously reported.
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Binance Singapore is a cryptocurrency exchange that will be closing its doors in February. The company’s office will close on the 31st of January, 2018. Reference: binance singapore office.
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