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Binance Closing Crypto Exchange in Singapore

After withdrawing its application to the Monetary Authority of Singapore to run a digital asset exchange, Binance crypto exchange is closing down its Singapore operation. Binance Singapore stated that the company will no longer be able to buy or sell crypto from users’ existing assets starting 13 January 2022.

Binance withdraws application to operate a crypto exchange in Singapore

Monday’s announcement by the company included changes that will affect all users of Binance.sg, its Singaporean platform. The exchange stated that the “decision was not taken lightly”.

We are writing today to inform that Binance Asia Services Pte Ltd (“BAS”) plans to cease its licensing efforts in Singapore, and to end its digital payment token (‘DPT) services in Singapore by the 13th of February 2022.

The company stated that new users cannot register on Binance.sg immediately and that existing users can’t deposit fiat or crypto on the platform.

The exchange clarified however that users may continue to purchase and sell crypto using existing assets up to 12 January 2022. Customers are encouraged to make plans to withdraw fiat and cryptocurrencies.

Between January 13 and February 13, 2022, “Users cannot withdraw or move their crypto to third party platforms or crypto wallets;/or withdraw their SGD,” said the exchange. It also stressed that all accounts must be closed no later than 13 February 2022.

CEO explains Why Crypto Exchange Operation Shut Down

Changpeng Zhao, Binance CEO (CZ), took to Twitter Monday to share the reasons his company decided to withdraw its application to run a local Singapore exchange. He tweeted:

Binance made a substantial investment in HGX, a regulated exchange. Our own application was made redundant by this investment. We will continue to work with our partners to expand the crypto industry in Singapore.

The company announced last week that it had acquired 18% of the Singapore-regulated private securities market, Hg Exchange (HGX).

After the MAS had issued a warning to Binance, the exchange stopped providing payment services in Singapore. Binance stopped offering fiat deposit services, spot trade of cryptocurrencies, purchase of cryptocurrencies via fiat channels and liquid swaps.

Binance has been warned by other countries that it cannot operate without a license. Several other regulators have also warned the company about the exchange’s illegal operation, including the U.S. and U.K., South Africa and Australia. Binance stated in August that regulatory compliance was a top priority.

Zhao stated last week that “we’re making very substantial changes in organizational structure, product offerings and our internal processes and the way we interact with regulators… We’re currently setting up real offices, legal entities. A proper board. Proper governance structures in most areas.