Popular crypto exchange Binance announced Monday its plans to shut down its Singapore subsidiary Binance Asia Services Ltd. after withdrawing its local license application from the city-state authorities. The world’s largest crypto exchange by trading volume, Binance, will suspend Singapore-based users from trading by Feb. 13, 2022.
Last year, Binance had applied for a ‘Digital Payment Token License’ in Singapore to offer crypto-assets trading services in the country. The exchange was one of the 170 companies to apply for the license.
“We always put our users first, so our decision to close Binance.sg was not taken lightly,” said Richard Teng, Chief Executive Officer of Binance Singapore. “Our immediate priority is to help our users in Singapore transition their holdings to other wallets or other third-party services.”
As per the announcement, Binance has suspended all new users’ registration, effective immediately. Additionally, users who have registered but have not completed their KYC application will be suspended as well.
Trading is possible until January 12, 2022, after which only transfers and withdrawals to another platform will be available till February 13.
To date, the Monetary Authority of Singapore (MAS) has only granted the license to four companies, with over 100 companies either withdrawing the application or being rejected by the authority.