Binance Repositions In Singapore, Pivots Toward Investment & | Crypto Miami
Binance Repositions In Singapore, Pivots Toward Investment & Blockchain.
The crypto exchange giant Binance says that it will shut its Singapore exchange and “refocus” its Singapore-based Binance Asia Services operations into what it calls a “blockchain innovation hub.” The move comes just days after the Singaporean subsidiary announced an investment in the Singapore-based Hg Exchange trading platform.
In a press release shared with Cryptonewscom, Binance explained that after “taking into account strategic, commercial and developmental considerations globally,” Binance Asia Services had withdrawn its application to the Monetary Authority of Singapore (MAS) for a “license to operate a regulated cryptocurrency exchange in the country.” It explained that its “fiat-to-crypto trading platform Binancesg” was now set to “wind down operations” and shut down completely by February 13, 2022.
Richard Teng, the CEO of Binance Singapore, said that its decision to close had not been “taken lightly,” and spoke of the need to help users in Singapore “transition their holdings to other wallets or other third-party services.”
The firm added that “effective immediately, registrations, crypto, and currency deposits and trading on Binancesg will be closed,” and that all users “will be required to close all open positions and withdraw their SGD and cryptocurrency assets by February 13.”
According to Teng, they continue "to work closely with key government agencies to support the growth of the blockchain ecosystem and development of requisite local talent needed."
Meanwhile, Binance Founder and CEO Changpeng “CZ” Zhao, said that Binance's “sizable investment” in a regulated local exchange had “made our own application somewhat redundant.”
