The decision comes amid regulatory pressure facing the platform.
The Asian division of popular crypto exchange Binance – Binance Asia Services Ltd. (BAS) – Withdrew applications for licenses from Singapore’s financial regulator, thanks to which the platform will be able to provide services to local residents legally. Information about this appears on the project blog.
- Against the backdrop of license revocation, Binance will suspend trading on the Singapore branch of the crypto exchange – Binance.sg. All site operations will be suspended until February 13, 2022. Amid preparations for closing, the trading platform refuses to register new users.
- The organizational team plans to reorient BAS into a technology center, where experts will be involved in research and development of new projects.
- Binance is closing its Singapore business due to regulatory pressure. According to local authorities, the company’s activities do not comply with legal requirements.
- Amid regulatory claims against Binance, local regulators have blacklisted Binance. The main complaint about the trading platform is that its representatives launch businesses in the country without having a license from financial regulators.
- It is noteworthy that against the backdrop of the closure of Binance.sg, information appeared on the network that the company had acquired a stake in a Singapore-licensed crypto exchange.
- In addition to the Singapore regulator, regulatory authorities in a number of other countries, including the UK, have filed claims against Binance’s activities. Against the backdrop of pressure, representatives of crypto exchanges prefer to be involved in obtaining licenses.
We will remind you, recently that information emerged on the network that Binance is in business negotiations with the richest family in Indonesia.