Binance is shutting down crypto exchange operations in Singapore come 2022. The decision became firm after Binance reportedly withdrew its application with the Monetary Authority of Singapore (MAS) to operate a digital asset exchange in the country. As a result, there will be no new signups on the platform with immediate effect and existing users will not be able to deposit crypto or fiat on the platform.
On Monday, Binance.sg announced the big news to its users, saying, “We are writing to you today to inform you that Binance Asia Services Pte Ltd (BAS) intends to withdraw its licensing efforts in Singapore and wind down its digital payment token (‘DPT’) services in Singapore by 13 February 2022.” While users may continue to buy and sell crypto using their existing assets until 12 January 2022, Binance has advised users to start making plans to withdraw their fiat and cryptocurrencies from the platform as “all accounts must be closed by February 13 2022.”
On his part, Binance CEO Changpeng Zhao explained the reason his company decided to withdraw crypto services in Singapore. He tweeted, “Binance made a sizable investment into regulated exchange HGX last week. This investment made our own application somewhat redundant. We will continue to work through our partners to grow the crypto industry in Singapore,” adding, “we’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators… We’re in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places.”
According to Bitcoin.com, Binance recently ended some services in Singapore after the MAS issued a warning telling the exchange to cease providing payment services. Binance then stopped providing fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels, and liquid swaps. The exchange company also announced that it was making regulatory compliance a top priority after more countries like the United Kingdom, U.S.A, South Africa, Germany, India, etc issued warnings against them.
