Binance Singapore submitted its request for approval of licenses for crypto exchange. But got no response, and now finally decided to shut down all cryptocurrency operations from Singapore. And announced that the Binance Singapore Company will be no longer provide its services to Singaporeans.
Binance Singapore has revealed that they will entirely close their trading services till 2022. They took this decision due to the local regulatory issues.
When Will Binance Singapore Completely Close Its Services?
Binance. sg pulled back their license request for running their crypto exchange. And will entirely close their services till Feb.13, 2022.
Now, What Will Binance Singapore Users Do?
Shutting the BINANCESingapore platform doesn’t mean that the users will lose all their digital assets and data.
The company has decided to inform all its users by sending them emails. All the guidelines will be briefly elaborated in the email for their customers.
Words by chief executive Officer, Binance. sg:
At this event, the company’s Chief executive, Richard Teng, says:
“We always prioritize our users first, so our decision to close Binance. Sg was not taken lightly.
“Our first priority is to help our users in Singapore transition their holding to other wallets or other third party services.”
Monetary Authority Of Singapore (MAS):
The company stands amongst around the 170 companies in Singapore. Those had already applied to the MAS to issue a license for running their crypto services.
However, the company was running under the temporary privilege of license accepting procedure.
In addition to this, the company said that its operations in the city-state will become a hub of blockchain innovation. Their initiatives like incubation programs, blockchain education, and investment are currently running.
Latest Investment Deal of Binance. Sg with Hg Exchange (HGX):
Last week, The company also finalized an investment deal with Hg exchange (A regional private securities exchange). The deal will be related to the regulatory requirements.
Also, In this deal, The Binance. sg will get a post-money stake of 18% in a Singaporean Hg Exchange. This Singaporean( HGX) exchange had received a Recognized Market Operator license by MAS earlier in 2021.
BINANCE CO-Founder And CEO Opinion:
Changpeng Zhao is the Co-founder And CEO of The Binance Company. He is also known as CZ. He posted on his Twitter lately after their Hg exchange (HGX) deal.
The investment in Hg Exchange contributed to their decision to pull back their request for the license.
Currently, Binance. sg has no official headquarters. However, the co-founder said they had decided the location for their headquarters. And all the details will be revealed soon, Reports by credible sources.
However, the Binance main trading platform has recorded high scale performance in trading volume. According to statistics, The daily average trading volume of the main BINANCE platform is $2 billion, and more than 1.4 million transactions per transaction.
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