Home News Cryptocurrency

Binance Singapore drops application for local crypto bourse, will close by Feb 13

Bloomberg
Bloomberg12/13/2021 10:08 AM GMT+08  • 4 min read
Binance Singapore drops application for local crypto bourse, will close by Feb 13
Binance is looking at other places to base the firm, such as France or in the Middle East.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Binance Asia Services Ltd., the Singapore affiliate of the world’s largest cryptocurrency exchange, has withdrawn its application to run a bourse in the city-state, ending an effort that started last year to win approval from Singapore’s authorities.
The fiat-to-crypto trading platform Binance.sg will wind down operations and close by Feb. 13, Binance Asia said in an emailed statement. The company was among some 170 firms that applied to the Monetary Authority of Singapore for a permit to provide cryptocurrency services.

The withdrawal from the Singapore process is likely to dampen speculation that the Southeast Asian city-state would become the global headquarters for Binance, the company co-founded and headed by the entrepreneur Changpeng Zhao.

“We always put our users first, so our decision to close Binance.sg was not taken lightly,” said Richard Teng, chief executive officer of Binance’s Singapore entity. “I am grateful to the Monetary Authority of Singapore for its ongoing assistance to Binance Asia Services and we look forward to future opportunities to work together.”

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now