Crypto Exchange Binance Singapore withdraw crypto trading License and will close by Feb13, 2022


Among roughly 170 companies, Crypto
exchange Binance, which is also a subsidiary of global crypto exchange Binance
in the city-state, has withdrawn its application with the Monetary Authority of
Singapore (MAS) for a crypto trading service license. Binance is also planning to
close the trading platform operation in the city-state by February 13, 2022.
During the licensing process, the
company was operating under a temporary exemption. Binance.sg ceased onboarding
new users on Monday. Deposit of cryptocurrencies or fiat on the exchange by
Singaporeans will not be permitted. The email users of Binance Singapore will
be informed regarding the steps they have to take when the platform ceases its
operations. In an emailed statement the company declared that the company would
close registrations, crypto and currency deposits, and trading on Binance
Singapore’s platform with an immediate effect. Till Jan. 12, 2022, using
existing assets Binance Singapore users have permission to buy and sell crypto
which will get barred starting from Jan. 13. By Feb. 13, 2022, Binance plans to
“wind down” all cryptocurrency tokens related operations and services.
The exchange also declares that after
the self-determined deadline no responsibility for the users’ assets would be
accepted. As per exchange “With immediate effect, users must start to make
plans to withdraw their crypto and fiat from Binance.sg. Accounts of registered
users who have not passed KYC will be suspended.”
“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.”

Indrani bose
CBW - External Analyst
INDIA