Binance's Singapore division, Binance Asia Services, has withdrawn its application for a license as a cryptocurrency exchange, iHodl Russia reports.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.
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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.
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.
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