Binance Closes Singapore Cryptocurrency Exchange App

The Singapore branch of the world’s largest cryptocurrency exchange, Binance, has canceled its bid to launch a stock exchange in a city-state. With that, the company ended an attempt that began last year to gain the consent of the Singaporean government. The Fiat-to-crypto trading platform will cease operations and close by February. It is worth noting that the company was among the 170 firms that applied explicitly for a permit to provide cryptocurrency services to the Singaporean monetary authority.

Withdrawal from the Singapore process will complete the assumption that Binance will become the global headquarters of the Southeast Asian city-state; Changpeng Zhao heads the company. According to Richard Teng, CEO of Binance Singapore Unit, the company always puts customers first. Consequently, the decision to close Binance.sg was not easy. Richard thanked the Singaporean monetary authority for its continued assistance. He also noted that there may still be opportunities to work together in the future.

It is worth noting that Binance Asia considered commercial, strategic, and development considerations globally when deciding to withdraw its application from Singapore.

Binance Holdings Future Plans

Binance Holdings was established in China in 2017 has not yet found a global base. Instead, Zhao has merged firms into areas where Binance operates. Binance has revived plans to register in the UK. Cryptocurrencies have continued to decline since Binance’s move. Bitcoin, the world’s largest digital coin, fell 3% to about $48,484. Ether decreased by 4.1%.

A statement said Binance Asia would redesign its operations to blockchain technology. According to the Singapore co-chair of the Blockchain Association, not all crypto activities are regulated. Increasingly, crypto players may want to consider different regulated and unregulated entities to improve their revenue and partnership models in other jurisdictions. According to the Accounting and Corporate Regulatory Authority, Zhao Binance is a majority shareholder in Asia. Based on the documentation, Temasek Holdings Pte.’s Vertex Venture Holdings is an investor in Binance Asia.

Binance’s cancellation of Singapore’s app also raised questions about Teng’s future. This is a former regulator that joined the Singapore unit in August. The Singaporean previously served as chief executive officer of the Singapore Exchange and spent 13 years at the Singapore Currency Authority. According to a Binance representative in Singapore, all local employees will join the firm’s global operations and contribute to the company.

The Central Bank of the United Arab Emirates recently released its Digital Assets Framework. In the coming months, Abu Dhabi and Dubai regulators are ready to start cryptocurrency licensing. However, any axis in the region must be led by the new leadership. The director of Binance in the Middle East and North Africa wrote on LinkedIn that he had just left the company to start a new crypto enterprise. His replacement has not been named publicly yet.