The CEO of Binance exchange shared his thought that why Binance Singapore canceled plan to get License in Singapore.
Binance is a popular crypto exchange with top-level trading volume over all the other crypto exchanges in the crypto industry. As we know that Binance exchange stopped giving any kind of crypto offerings in Singapore because of concerns raised by Singaporean regulatory body Monetary Authority of Singapore (MAS). After stopping the crypto offerings, Binance Singapore, an independent Binance arm in Singapore, applied to get a license to expand existing crypto offerings in Singapore.
But On 13 December, binance.sg announced officially through the blog that Binance Asia Services Pte Ltd (BAS) intends to withdraw its licensing efforts in Singapore and Wind down DPT services in Singapore.
As per the announcement, no new users will be able to register accounts on binance.sg and non-KYC accounts will be suspended. And the final date to suspend crypto trading services will take place on 12 January 2022 and after 13 February exchange will fully stop services. And also binance.sg urged the users to start to withdraw their crypto funds.
Binance CEO on withdrew the application
Binance CEO Changpeng Zhao shared his point of view and said that Binance already has a significant investment in regulated HGX exchange and this is an almost similar thing that what we want to achieve with binance.sg. He said:
“Clarification. Binance made a sizable investment into regulated exchange HGX last week. This investment made our application somewhat redundant. We will continue to work through our partners to grow the crypto industry in Singapore. Onwards.“
So through the clarification, Binance CEO confirmed that the aim of Binance will remain the same like other crypto-based services in Singapore, Binance.sg.
However, the statment of Binance CEO was fully clear but there was small that Binance’s arm in Singapore doesn’t want a new hurdle with regulators because they can do the same with HGX exchange without getting in any type of efforts or tension.