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companies, Crypto exchange Binance, which is also a subsidiary of global crypto exchange Binance in the city-state, has withdrawn its application with the Monetary Authority of Singapore (MAS) for a crypto trading service license.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