Binance Withdraws Singapore License Application

The cryptocurrency exchange Binance has withdrawn its application to the Monetary Authority of Singapore (MAS) for a licence to operate a local subsidiary. Bloomberg reports, citing the company.

Binance Asia Services is one of roughly 170 asset-linked firms that have sought authorisation from the regulator. In September MAS included the cryptocurrency exchange in the ‘investor alerts list’, though a representative said that Binance Singapore was at the time operating ‘within the scope of the relevant exemption’.

According to the latest statement, the platform will cease providing services through binance.sg by 13 February 2022. The division will focus on blockchain technology.

According to the foregoing data MAS, about 100 companies have either withdrawn their applications or been refused. Approvals to operate are held by the brokerage arm of DBS Bank, Singapore’s largest bank and the Australian cryptocurrency exchange Independent Reserve.

In November, regulated MAS financial company Fintonia Group launched two institutional-grade Bitcoin funds.

In December, Binance’s Singapore subsidiary acquired an 18% stake in Hg Exchange, a locally regulated security-token platform .

Earlier, the exchange’s chief executive, Changpeng Zhao, hinted at establishing the company’s headquarters in France. He later added that the UAE and Singapore were among the possible jurisdictions as well.

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