Binance will cease operations in Singapore by February 2022
In Singapore, the Binance exchange ceases its activities. Also, the application for registration of the Binance Asia Services Ltd division will be withdrawn from the Monetary Authority of Singapore. All clients of the exchange were notified that they urgently need to complete all opening positions and withdraw currency from their accounts before the exchange division is finally closed in February 2022.
The company has completely abandoned the idea of creating its own center in Singapore. Richard Teng, CEO of Binance Singapore, said that for his company, this decision will contribute to the development of commerce and strategic considerations. The company is currently engaged in organizing assistance for its users with moving assets to other platforms. It is also known that MAS has repeatedly helped Binance Asia Services, perhaps the cooperation will continue in the future.
The announcement of the closure of the Binance exchange in Singapore followed the company’s acquisition of an 18% stake in the regulated Singapore exchange Hg Exchange (HGX). The CEO assured that with the help of investments, his company will gradually expand in Singapore, but with improved functionality. In December, Binance CEO Changpeng Zhao mentioned that the exchange would resume its activities in the UK within the next 1.5 years.
