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SINGAPORE: Binance Asia Services, the operator of Binance.sg, has withdrawn its request to the Monetary Authority of Singapore (MAS) to operate a regulated cryptocurrency exchange in the country.
The decision was made “with global strategic, business and development considerations in mind,” Binance said in a press release on Monday (December 13th).
With immediate effect, registrations, cryptocurrency and currency deposits, and transactions on Binance.sg will be closed, he said.
Binance.sg will end its operations and close on February 13 of next year. Users of the platform must close all open positions and withdraw their Singapore dollar and cryptocurrency assets by that date, he added.
“We always put our users first, so our decision to shut down Binance.sg was not taken lightly. Our immediate priority is to help our users in Singapore transfer their holdings to other wallets or to other wallets or wallets. ‘other third-party services,’ said the CEO of Binance.sg. Richard Teng.
Binance will refocus its Binance Asia Services operations in Singapore on a blockchain innovation hub to help grow the global blockchain ecosystem, the company said.
In September, MAS ordered Binance – a separate entity that operates another cryptocurrency exchange Binance.com – to stop providing payment services to users in Singapore.
MAS then said that Binance Asia Services’ license application to operate Binance.sg was under review.
Binance said at the time that MAS’s order had “no direct impact” on Binance.sg services.
Binance, founded by Chinese-Canadian entrepreneur Changpeng Zhao, is the world’s largest cryptocurrency exchange by volume.
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