Miguel Cordon · · 1 min readBinance withdraws SG crypto exchange license application
Binance Asia Service, the Singapore entity of crypto exchange Binance, withdrew its application for a cryptocurrency exchange license in the city-state and is set to close operations there by February 13 next year, Bloomberg reported.
Binance founder and CEO Changpeng Zhao was considering Singapore as one of the countries for the company’s global headquarters. Other markets the firm eyed were those in Europe and the Middle East, including France and Dubai.
The move comes after the Monetary Authority of Singapore issued a warning to Binance for providing payment services to Singaporeans without a necessary license. The exchange was ultimately instructed to halt its payment services for citizens in the city-state.
Months after, Binance also blocked certain functions, including fiat deposits and spot trading for Singapore users of its trading platform.
Just last week, Bloomberg reported that Binance was in talks with Indonesia’s Bank Central Asia (BCA) and state-owned Telkom Group to set up an exchange in the archipelago.
Editing by Collin Furtado and Jaclyn Tiu
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