Binance Withdraws Singapore License Application
Flickr.com
Main page News, Binance, Cryptocurrency Exchanges, Singapore

Binance's Singapore division, Binance Asia Services, has withdrawn its application for a license as a cryptocurrency exchange, iHodl Russia reports. The Asian arm will not provide regulated cryptocurrency exchange services under the supervision of the Monetary Authority of Singapore.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

As a result, Binance.sg will shut down completely by February 13. Binance Asia Services was one of approximately 170 companies that applied for a license from the Singapore regulator last year.

Binance Winds Down Services in Singapore After Inclusion in Alert List

iHodl earlier reported that Binance Asia Services is planning to buy an 18% stake in Hg Exchange (HGX), a Singaporean private securities exchange powered by Zilliqa's blockchain. The deal is yet subject to regulatory approval. Richard Teng, CEO of Binance Singapore, said the investment will expand Binance's list of products and services supported by blockchain technology. However, the timeline of the deal remains unclear.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error
Close