Binance Asia Services Ltd., the Singapore affiliate of the world’s largest cryptocurrency exchange, has withdrawn its application to run a bourse in the city-state, ending an effort that started last year to win approval from Singapore’s authorities.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.”
