Binance Decides to Withdraw from Singapore

Frequently on the agenda with its regulations on cryptocurrencies SingaporeInstead of opposing cryptocurrencies, they want to frame them. Singapore, which wants to be at the forefront of the leading countries in cryptocurrencies, is a company that wants to offer crypto money services to local investors.Digital Payment Token License (Digital Payment Token License).

Although more than 170 crypto companies have applied for this document in Singapore to date, Singapore does not make the approval process very forgivable. 100 of the companies that applied were either rejected or withdrawn their applications. The world’s largest stock exchange in Singapore, which has licensed only 4 companies so far Another important news from Binance came.

Binance pulls back Singapore local exchange:

Binance has applied under Binance Asia Services to obtain the same license for its local cryptocurrency exchange in Singapore. will withdraw your application, therefore will give up its local stock market explained. The local Singapore exchange with the Binance.sg extension will cease to operate as of February 13, 2022, closing all opened accounts. By this date, users will be asked to close all their positions. Creating new accounts will also not be allowed from today.

The Monetary Authority of Singapore ordered all crypto transfers from Binance to cease last September, their local exchange. Binance had ordered it to be made from Singapore. The regulator warned investors about Binance, stating that the platform might be breaking local laws. Singapore, one of the biggest players in the crypto money world (the largest crypto investment country according to recent research), was also extremely important for Binance.

Binance CEO CZ made a statement about their withdrawal from Singapore last week. 18% of which they bought Hg Exchange reminded of their investments. The CEO explained that with this investment in the stock market, which has already been approved by Singapore, their application has become meaningless. He also expressed that they will continue to work with partners to grow the crypto industry in Singapore.