Binance.sg will be closed next February! Binance Withdraws Singapore Exchange Work Permit Application

Binance announces that Binance Asia Services, headquartered in Singapore, Changpeng Zhao, has revoked its license to operate a local currency exchange business.

This means Binance hopes to limit its efforts to operate regulated cryptocurrency exchanges under the auspices of the Monetary Authority of Singapore (MAS).

Fiat-crypto trading platform Binance Singapore (Binance.sg) said in an email that the exchange will cut trading and close on February 13. Binance Asia Services is one of 170 companies applying to the Monetary Authority of Singapore for authorization to operate to supply cryptocurrency. services.

If Binance is removed from the Singapore licensing process, the industry can expect Binance to end the assumption that Singapore is its global base. Changpeng Zhao, who has been in Singapore for two years, sent mixed signals about whether to establish Binance's headquarters in Singapore, saying Europe and the Middle East are also alternatives to Singapore.

Zhao Changpeng, 44, said last month that he should buy his first home in Dubai to express his support for Dubai as it supports cryptocurrencies. Changpeng Zhao also told the British Telegraph that Binance has updated its UK registration.

Binance Holdings was established in China in 2017 and has yet to establish a global base, but Zhao Changpeng will start a company in the Binance office.

Binance Asia Services said the company's decision to revoke its Singapore license was in line with international, industry and development considerations.

Richard Teng, CEO of Binance Asia Services, said: The decision to shut down Binance.sg was not quick because we always put our customers first. We are delighted that the Singapore financial institution continues to support Binance Asia's services and look forward to future collaborations.

According to the company's announcement, Binance Asia Services will refocus on blockchain technology.

Binance was targeted by the Monetary Authority of Singapore in September this year and was forced to announce that it should no longer provide services in Singapore and use Binance.sg to help local users.

Last week, Binance Asia Services, which operates Binance.sg, announced that it had acquired 18% of the shares of Hg Exchange (HGX) on the Singapore Stock Exchange, but did not mention the value of the investment. HGX is a private exchange company licensed and regulated by the Monetary Authority of Singapore, and Binance Asia Services is a subsidiary of Binance.