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After the company decided to withdraw its application to the Monetary Authority of Singapore (MAS) to operate a digital asset exchange in the country, the cryptocurrency exchange Binance is gradually ending its trading business in Singapore. Binance Singapore stated: “From January 13, 2022, it will stop buying and selling cryptocurrencies from users’ existing assets.”
Binance withdraws application to operate cryptocurrency exchange in Singapore
Binance announced on Monday a number of changes affecting all users of its Singapore platform Binance.sg. The exchange stated that “the decision was not rash”, and the exchange stated in detail:
We are writing to you today to inform you that Binance Asia Services Sdn Bhd (BAS) intends to withdraw its license to work in Singapore before February 13, 2022 and terminate its digital payment token in Singapore (“DPT “)Serve.
Binance explained that from now on, Binance.sg will not allow new users to register, and existing users will not be able to deposit cryptocurrency or fiat currency on the platform.
However, the exchange clarified that “until January 12, 2022, users can continue to use their existing assets to buy and sell cryptocurrencies,” and urged customers to start making plans to withdraw their fiat currencies and cryptocurrencies from the platform.
Between January 13 and February 13, 2022, “Users can only withdraw and transfer their cryptocurrency to third-party platforms or crypto wallets; and/or withdraw SGD,” the exchange emphasized, stating that “all accounts Must be closed by February 13, 2022.”
CEO explains why Binance Singapore is closing its cryptocurrency trading business
Binance CEO Changpeng Zhao (CZ) explained on Twitter on Monday why his company decided to withdraw its application to operate a local exchange in Singapore. He wrote on Twitter:
Binance made a significant investment in the regulated exchange HGX last week. This investment makes our own application somewhat redundant. We will continue to work hard to develop Singapore’s encryption industry through our partners.
Last week, Binance announced that it had acquired an 18% stake in Hg Exchange (HGX), a private securities exchange regulated by Singapore.
In September, after MAS, Binance stopped some services in Singapore release Warn the exchange to stop providing payment services.Binance then stop Provide legal deposit services, cryptocurrency spot trading, purchase cryptocurrency through legal channels, and liquidity swaps.
Singapore is not the only country warning Binance to operate without permission. Many other regulators including the United States, the United Kingdom, South Africa, Australia, Norway, the Netherlands, Hong Kong, Germany, Italy, India, Malaysia and Lithuania have issued warnings to exchanges. In August, Binance stated that it is making regulatory compliance a Imperative.
Zhao Say Last week: “We are making some very significant changes in our organizational structure, product supply, our internal processes, and the way we work with regulators… We are establishing real offices, legal entities, appropriate boards of directors, most Appropriate governance structures exist everywhere.”
What do you think about Binance withdrawing its application to operate a cryptocurrency exchange in Singapore? Please let us know in the comments section below.
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