Binance Bows out of Singapore

Oluwapelumi Adejumo
Updated: Dec 13, 2021, 16:48 GMT+00:00

Binance has withdrawn its application for a license in Singapore and has ordered users to close their accounts before February 13, 2022.

Binance Bows out of Singapore

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News emanating from Binance has revealed that the world-leading cryptocurrency exchange will suspend its operation in Singapore soon.

According to an announcement made by the CZ-led exchange, it has withdrawn its application for a digital payment token services license with the Monetary Authority of Singapore.

Binance Orders Users to Close Account

Per available information, the platform would no longer allow new users registration. It would also no longer allow Singaporeans to make either crypto or fiat deposits into the exchange.

By February 13, 2022, Binance Singapore will officially end all of its crypto-related operations in the Asian country. The exchange noted that it would not accept responsibility for any loss arising from users’ non-compliant to the deadline. 

The exchange went on to advise its current users to start withdrawing and moving their assets into other crypto platforms, stating that, “all accounts must be closed by February 13, 2022.”

According to the exchange, users would no longer have the privilege to close positions or withdraw crypto on the said date. It also added that all staked crypto assets would be held in an escrow account, “and your fiat assets will be transferred to your StraitsX Personal Account.”

We are not Leaving the Singapore Market —CZ

While many might see the recent announcement as an indication that the leading crypto exchange is leaving the Singaporean market, Changpeng Zhao, the CEO of Binance has revealed that the exchange has no plans to leave the country’s market, instead the withdrawal of the application is tied to its recent acquisition of HGX, an entity that just received certification as a recognized operator by MAS.

Clarification. 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. Onwards.

Apart from its recent acquisition in Singapore, there are reports that the exchange is already looking to add another crypto firm to its portfolio in Indonesia. You’ll also recall that we reported that the exchange was working towards registering an entity in the United Kingdom in its bid to surmount its regulatory battle in the country.


About the Author

Oluwapelumi is a firm believer in the transformative power power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas about how the industry could play a pivotal role in the emerging financial system. When he is not writing, he is looking to meet new people and trying out new things.

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