Binance gives plans for cryptoplattform in Singapore

Binance will close his crypto trading platform Singapore after it collided with the supervisory authorities of the city state at the beginning of this year, which marks the latest blow to establish the stock exchange to establish a business in a large financial center.

Binance Asia Services, the Singapore unit of the stock exchange, said on Monday that she would withdraw your application for a license for the operation of a crypto business in the country and handle her crypto exchange in Singapore until February.

The withdrawal takes place after the currency authority of Singapore in September had instructed Binance Singapore to set all crypto transfers with the global stock exchange binance.com that the supervisory authority had put on an investor warning list and said that it may violate local law.

Singapore is an important jurisdiction for Binance, one of the world's largest cryptocurrency exchanges that, according to the company, processes around $ 170 billion of transactions every day.

His CEO Changpeng Zhao is based in the city, which has taken a relatively friendly attitude towards crypto, especially in contrast to China, which has banned all crypto activities. However, jurisdiction has followed a strict approach to check the dozens of applications for their crypto licenses.

Binance has tried to set up cryptooperations in several financial centers, but was pushed back sharply by the supervisory authorities due to concerns about the guidelines and procedures of the group to protect consumers. The British financial supervisory authority said in August that Binance's “complex and risky financial products” from Binance are “a significant risk to consumers”.

crypto investors in many jurisdictions can access the offshore exchange of Binance, which, among other things, offers spot and derivate trade, even if the group is not active in their residence. However, the group has founded subsidiaries worldwide to get better access to traditional payment networks.

In response to the question of whether Zhao would remain in Singapore, Binance said that "depending on the strategic need, his employees would start worldwide" and would announce all changes in "leadership roles".

ZHAO, known as "CZ", said on Monday that Binance Singapore's regulatory application had become "a bit superfluous" after the company had acquired 18 percent participation on a HGX stock exchange regulated by Singapore last week.

However, there are only a few overlaps between the crypto trade services of Binance Singapore and HGX's business, which uses blockchain technology for transactions with securities.

"We will continue to work with our partners to expand the crypto industry in Singapore," said CZ. Binance said his branch in Singapore would concentrate on "incubation programs, blockchain training and further investment opportunities".

The announcement will question whether Singapore could accommodate Binance's global home base. At the beginning of the year, CZ initiated a search for a formal headquarters as part of a campaign to calm the supervisory authorities in more than a dozen countries, including Japan, Europe and Great Britain.

Recent comments and corporate registrations have fueled speculation that Dubai, France or Ireland could be in competition. CZ announced the Financial Times last month that he was waiting for more clarity before he committed "a single jurisdiction".

In the past few weeks,

Binance has tried to polish up his compliance products for the recent weeks of “fundamental rights” for crypto users, which underlines his “responsibility” for cooperation with regulatory authorities and political decision-makers.

Binance Singapore, which was founded in 2019 with the support of the Venture Arms of the State Investment Society Temasek, worked in the city-state with temporary approval, while his license application was examined.

The monetary authority of Singapore said in September that Binance.com may violate its rules, "for the provision of payment services for residents Singapore and the request of such business without a corresponding license".

After the warning Banance users in Singapore, Krypto to buy or act on Binance.com, and instead forwarded them to Binance Singapore.

Customers of Binance Singapore now have time until mid-February to remove their crypto-assets from the platform. The company said "registered users who have not passed". [Know your Customer] “Controls would be suspended immediately.