According to the official announcement by the exchange, Binance’s Singapore unit has planned to retract its crypto license application in the city-state and is most likely to expel its Singaporean clients by Feb 13th, 2022.
Binance, like other trading platforms, operates as a cryptocurrency exchange, offering trading services and systems to its clients all over the world.
Based in Hong Kong, Binance Asia Services is the local affiliate of the exchange, and it is one of the 170 cryptocurrency companies that has submitted an application for the Digital Payment Token License for operating in Singapore that would enable them to provide digital assets like cryptocurrencies services to their local users.
Even though Binance provides highly effective services along with advanced trading tools, it would be allowed to provide cryptocurrency services in Singapore on the condition that its application for a license is under the review process.
However, Binance has decided to stop providing services via the local website, Binance.sg, effective from February 13th, 2022, thereby terminating all existing client accounts. Users would therefore have to shut down their Binance positions by then.
As stated by the Monetary Authority of Singapore, about 100 of such applicants have either been rejected or have retracted their filings, whereas only 4 crypto licenses have been advanced.
According to this Binance review, Binance.sg has a prominent presence in the region, but the website will stop accepting new registrations, effective immediately. Registered accounts without KYC will be suspended, and existing users will not be allowed to make crypto deposits on the platform. However, buying and selling cryptocurrency using existing assets will continue till January 12th, 2022. Subsequently, users will only be allowed to withdraw their fiat assets and cryptocurrencies until February 13th.
In addition, the platform has already launched a Binance unit for global headquarters after operating on a DeFi model for years, whereas its US unit is preparing to bring forward an IPO.