The fiat-to-crypto trading platform Binance.sg has withdrawn its permit application to operate a bourse in Singapore from the Monetary Authority of Singapore (MAS), according to multiple reports on Monday (Dec. 13).
Binance.sg is the Singapore affiliate of the world’s largest cryptocurrency exchange and was one of 170 companies that applied to the MAS for a permit to provide cryptocurrency services. Binance.sg will wind down operations and close by Feb. 13.
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“Our decision to close Binance.sg was not taken lightly. Our immediate priority is to help our users in Singapore transition their holdings to other wallets or other third-party services,” Binance Singapore CEO Richard Teng said in a statement.
“I am grateful to the MAS for its ongoing assistance to Binance Asia Services, and we look forward to future opportunities to work together,” he added.
Founded in China in 2017, Binance Holdings was founded by Changpeng Zhao and has yet to establish a global footprint. The company is in the midst of selecting a global headquarters and is expected to move towards Europe or the Middle East and leave Singapore out of consideration.
Read more: Months After Ban, Binance Renews Focus on UK Launch
Binance Asia recently acquired an 18% stake in private securities bourse HGX, which is based in Singapore and backed by PhillipCapital and PrimePartners Group. The investment by Binance Asia Services indicates that the company is likely to stay active in the Singapore market.
Zhao said on Twitter on Monday (Dec. 13) that HGX has a license to trade shares in private companies as well as tokenized assets, including rare whiskey.
“This investment made our own application somewhat redundant,” Zhao said. “We will continue to work through our partners to grow the crypto industry in Singapore.”
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.https://t.co/D9oywGEavV
— CZ 🔶 Binance (@cz_binance) December 13, 2021
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