Binance.sg withdraws MAS license application to close in S’pore on February 13 – Wired PR Lifestyle Story

Binance Asia Services (BAS) has withdrawn its application for a cryptocurrency exchange, according to an email.

Binance.sg, its crypto-trading platform, will close operations and close on February 13th.

This has led to the exit of Singapore from the world’s largest cryptocurrency exchange by trading volume, ending years of efforts to exploit a cryptocurrency exchange overseen by the Singapore Monetary Authority (MAS).

“Our decision to close Binance.sg was not taken lightly. Our immediate priority is to help our Singapore users transfer their holdings to other portfolios or other third-party services, ”said Richard Teng, Binance Singapore CEO.

“I thank MAS for their continued support of BAS and look forward to working together in the future,” he said. BAS said it will refocus its operations on blockchain technology.

In September, the MAS ordered Binance.com’s main cryptocurrency exchange and ordered Binance.com to shut down Singapore services. Investor alert list.

At the time, BAS, a separate entity in charge of the crypto exchange platform Binance.sg, applied for a license under the Payment Services Act. He was exempt from holding a license to provide digital payment token services, following transitional agreements under the Act.

Featured Image Credit: Reuters