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Binance Singapore withdraws crypto license application

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Binance, a cryptocurrency exchange, has withdrawn its application for a licence in Singapore to provide digital payment token (DPT) services. Binance.sg has halted onboarding new members and will not accept deposits of cryptocurrency or fiat currency from Singaporeans as of today.

Binance intends to “wind down” all services related to cryptocurrency token trading by February 13, 2022. The exchange, on the other hand, stated that after the self-imposed deadline, it would no longer be responsible for the assets of its users:

“Begin making plans to withdraw crypto and fiat from Binance.sg as soon as possible. Registered users’ accounts will be subject to suspension if they have not completed KYC.”

Binance Until the 12th of January 2022, Singapore residents can buy and trade cryptocurrency with their existing assets. Users of Binance.sg will be unable to buy or sell cryptocurrency from January 13.

“Users can only withdraw and shift their cryptocurrency to third-party platforms or cryptocurrency wallets, as well as withdraw their SGD. By the 13th of February 2022, all accounts must be terminated.”

Users should take action regarding their assets before the deadline

Binance intends to create further measures to release customers’ assets in the event that an official request is made to the company’s customer service.

Binance will no longer enable Singapore users to close positions or withdraw crypto assets after the deadline has passed. The notification stated, “The locked crypto assets will be stored in an escrow account and your fiat assets will be transferred to your StraitsX Personal Account”.

“We advise that you take action as soon as possible before the account termination date (13 February 2022). Please be aware that BAS will not be liable for any losses that may take place as a result of your failure to withdraw assets and end your account by February 13, 2022.”

Binance CEO Changpeng Zhao stated that the exchange will continue to operate in Singapore, adding that the withdrawal was due to the recent acquisition of Hg Exchange, a Singapore-regulated private securities exchange (HGX). Because HGX recently received a recognised market operator licence from the MAS, the 18% ownership signified an attempt to overcome existing regulatory impediments.

Binance is expanding regardless the ascending regulatory restraints

Despite the increasing regulatory scrutiny, Binance is looking into establishing up specialised crypto exchanges in additional regions.

The Hartonos, Indonesia’s wealthiest family, said to be in negotiations with Binance about creating an exchange. Binance and Hartonos-controlled PT Bank Central Asia may be close to finalising a crypto partnership, according to Bloomberg (BCA).

If allowed, Binance will be able to open a second crypto venture in Indonesia. As a result of the new BCA cooperation. In the next six to 18 months, the cryptocurrency exchange hopes to expand to the United Kingdom, despite regulatory opposition.

Binance Singapore acquires 18% stake in Hg Exchange

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