Binance Asia Services Ltd has withdrawn its application for a local license to run a bourse in crypto-friendly Singapore following by shutting down its trading platform.
The unexpected move by the Singapore affiliate of the world’s largest cryptocurrency exchange ended an effort that started last year to win approval from Singapore’s authorities.
The company will shut down its trading platform in the city-state by February 13, 2022, Binance Asia said in an emailed statement to Bloomberg on Monday.
Binance did not provide details for its decision to back away from Singapore beyond “strategic, commercial and developmental” considerations and said it would refocus the local unit’s operations on becoming a blockchain innovation hub.
According to Bloomberg, a spokesperson of Binance Asia said the exchange had provided a plan for the cessation of payment services, allowing customers time to seek alternative providers or, if they wished, to liquidate holdings.
Binance was among the 170 companies that had applied to the Monetary Authority of Singapore (
Source: blockchain.news