Binance, the world’s largest cryptocurrency exchange, has decided to cease its operations by withdrawing its license application to the Monetary Authority of Singapore (MAS).
Binance announced in a statement that Binance.sg, the Singapore subsidiary of Binance Asia, will cease operations as of February 13.
Binance Singapore CEO Richard Teng said in a statement that this decision to close was not an easy one, and continued:
“We have always put our users first, so our decision to shut down Binance.sg should not be taken lightly. We look forward to future working opportunities in Singapore.”
Binance .sg, which will not allow new user registration from 13 December, also stated that “know your customer”, that is, accounts that have not passed KYC will be suspended.
By February 13, 2022, accounts must be joined and the crypto assets in the accounts must be withdrawn. Because, in order to keep crypto assets that have not been withdrawn until this date, users will be charged a monthly 5% maintenance and custody fee and a one-time 20% administrative fee.
Binance.s.g bought an 18% stake in local exchange HG Exchange last week as the reason for Binance exiting Singapore.
In this context, Binance CEO CZ “The HGX investment has made our own implementation somewhat redundant. We will continue to work through our partners to grow the crypto industry in Singapore.” he declared.
clarification. Binance made a sizeable investment into regulated exchange HGX last week. This investment made our own application somewhat redundant. We will continue to work through our partners to grow the crypto industry in Singapore. Onwards.https://t.co/D9oywGEavV
— CZ 🔶 Binance (@cz_binance) December 13, 2021
Founded in China in 2017, Binance Holding does not yet have a global headquarters. The stock market, which carries out its studies in this regard based in Singapore, confused their minds about where the center will be with the decision to leave Singapore.