Binance Singapore withdraws crypto license application

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Binance Singapore withdraws crypto license application

Binance plans to “wind down” all services in Singapore by Feb. 13, 2022. Users are no longer allowed to deposit cryptocurrencies or fiat on the Binance.sg platform.

Crypto exchange Binance has withdrawn its application with the Monetary Authority of Singapore (MAS) for a digital payment token services license. 

On Monday, Binance.sg stopped onboarding new users and will not allow Singaporeans to deposit cryptocurrencies or fiat on the exchange.

By Feb. 13, 2022, Binance plans to “wind down” all services that relate to dealing with cryptocurrency tokens. However, the exchange announced it would accept no responsibility for the users’ assets after the self-determined deadline:

Binance has not yet responded to Cointelegraph’s request for comment.

Despite the ongoing regulatory scrutiny, Binance continues to explore new jurisdictions for setting up localized crypto exchanges. 

Binance is reportedly in talks with Indonesia’s richest family, the Hartonos, for launching an exchange service. According to a Bloomberg report, Binance may soon finalize a crypto venture with Hartonos-controlled PT Bank Central Asia (BCA).

If approved, the new BCA partnership will allow for the launch of a second crypto venture for Binance in Indonesia. The crypto exchange is also planning to expand to the United Kingdom in the next six to 18 months amid regulatory resistance.

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