Crypto Exchange Services stops Binance in Singapore -
Crypto Exchange Services stops Binance in Singapore -
The KryptoBörse Binance is hiring its stock market in Singapore after the company has decided to withdraw its application from the Monetary Authority of Singapore (MAS) to the operation of a digital asset Exchange in the country. "The purchase and sale of crypto from existing assets of users will be discontinued from January 13, 2022," said Binance Singapore.
Binance withdraws to operate crypto Exchange in Singapore
Binance announced on Monday some changes that affect all users of their Singapore platform Binance.sg. The exchange found that "the decision was not made lightly":
We write to you today to tell you that Binance Asia Services PTE LTD (BAS) intends to withdraw your license efforts in Singapore and to set his services for digital payment stands ('DPT') in Singapore until February 13, 2022.
Binance said that from now on no new registrations of users are allowed on Binance.SG and that existing users cannot make crypto or Fiat deposits on the platform.
The stock exchange, however, made it clear that “users up to 12th
Between January 13 and February 13, 2022, "Users can only take off their cryptos and move on platforms of third-party providers or crypto wallets; and/or take off their SGD", emphasized the stock exchange and found that "all accounts had to be closed by February 13, 2022".
CEO explains why Binance Singapore sets up the crypto-exchange operation
The CEO of Binance, Changpeng Zhao (CZ), went on Twitter on Monday to explain why his company decided to withdraw the application for the operation of a local stock exchange in Singapore. He tweeted:
Binance made a considerable investment in the regulated Stock Exchange HGX last week. This investment made our own application a little superfluous. We will continue to work through our partners to expand the crypto industry in Singapore.
Last week Binance announced that it acquired a share of 18 % in the private security exchange HG Exchange (HGX) regulated by Singapore.
in September has Binance after the MAS. Some services set in Singapore issued a warning to the exchange. Binance then stopped with fiat deposit services, spot trade, purchase of Cryptocurrencies on Fiat channels and liquid swaps.
Singapore is not the only country that warned Binance about the operation without a license. A number of other supervisory authorities have warned of the stock exchange, including in the United States, Great Britain, South Africa, Australia, Norway, the Netherlands, Hong Kong, Germany, Italy, India, Malaysia and Lithuania. In August Binance announced that compliance with legal regulations on a Priority .
zhao said last week:" We take a number of very human changes in the organizational structures, Product offers, our internal processes and the way we work with supervisory authorities before ... We are in the process, real offices, legal persons, their own “board, adequate governance structures in most locations.”
What do you think that Binance withdraws his application for the operation of a crypto exchange in Singapore? Let us know in the comment area below.
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