October 5, 2022

Crypto Exchange Binance to Wind Up Singapore Operations By Feb 2022

2 min read

Binance has finally resumed all transaction withdrawals on its platform.

The world’s largest cryptocurrency exchange Binance is all set to withdraw its operations from Singapore. In the latest, Binance Asia Services Ltd., the Singapore entity of the crypto exchange said that it has withdrawn its application to get a license for running a crypto exchange.

With this, Binance shall no longer be pursuing additional efforts to operate a regulated crypto exchange under the regulatory oversight of the Monetary Authority of Singapore (MAS). Binance.sg, the fiat to crypto trading platform shall wind up operations by February 2022, the exchange told Bloomberg.

Well, the decision also ends the long-going speculation of Singapore emerging as the global headquarters for Binance. The company further noted that the decision comes taking into account the “strategic, commercial and developmental considerations globally”. Richard Teng, chief executive officer of the Singapore entity said:

“We always put our users first, so our decision to close Binance.sg was not taken lightly. I am grateful to the Monetary Authority of Singapore for its ongoing assistance to Binance Asia Services and we look forward to future opportunities to work together.”

Rather, Binance Asia noted that it will refocus its operations towards blockchain technology. Interestingly, the decision of Singapore exit comes just in a week’s time of Binance acquiring an 18% stake in Singapore-based Hg crypto exchange.

Binance’s Global Plans

Having received a lot of regulatory flak this year, Binance seems to be streamlining its global operations. The fact that the crypto exchange doesn’t have a global headquarter has irked investors worldwide.

During his latest interview, Binance CEO Changepeng Zhao stated that they are working to build back their U.K business. “We’re fully re-engaged there. We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators. We want to continue to establish a presence in the UK and serve UK users in a fully licensed and fully compliant manner,” he said.

Zhao, who has been based in Singapore for the last two years, is sending mixed signals on where Binance plans to move finally – Europe or the Middle East.

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