Blockchain

Binance Singapore withdraws crypto license application

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Cryptocurrency exchange Binance has withdrawn its application for a digital payment token (DPT) service license to the Monetary Authority of Singapore (MAS).

Starting on December 13, Binance.sg has stopped recruiting new users, and Singaporeans are not allowed to deposit cryptocurrency or fiat currency on the exchange.

By February 13, 2022, Binance plans to “close” all services related to the processing of cryptocurrency tokens.However, the exchange Announce After the self-determined period, no responsibility is assumed for the user’s assets:

“From now on, users must begin to formulate a plan to withdraw their cryptocurrency and fiat currency from Binance.sg. Registered user accounts that fail to pass KYC will be suspended.”

Before January 12, 2022, Binance Singapore users can currently use their existing assets to buy and sell cryptocurrencies. Starting on January 13, Binance.sg users will be banned from buying and selling cryptocurrencies. At this stage:

“Users can only withdraw and transfer their cryptocurrency to a third-party platform or encrypted wallet; and/or withdraw their new currency. All accounts must be closed before February 13, 2022.”

Binance plans to further arrange the release of user assets after making a formal request to the company’s customer service department.

After the deadline, Binance will not allow any Singaporean users to close positions or withdraw crypto assets. “The locked encrypted assets will be stored in the escrow account, and your legal assets will be transferred to your StraitsX personal account,” the announcement read.

“We recommend that you take action as soon as possible before the account closure deadline (February 13, 2022). Please note that for any losses resulting from your failure to withdraw assets and close your account before February 13, 2022, BAS is not responsible.”

Binance CEO Changpeng Zhao explained that the exchange will still exist in the Singapore market, and the withdrawal is Related to recent acquisitions Singapore’s regulated private stock exchange Hg Exchange (HGX). Since HGX recently obtained an approved market operator license from MAS, its 18% stake indicates that it is trying to overcome existing regulatory obstacles.

Binance has not yet responded to Cointelegraph’s request for comment.

related: Binance is reportedly negotiating to launch a cryptocurrency exchange in Indonesia

Despite the ongoing regulatory review, Binance continues to explore new jurisdictions to establish a localized cryptocurrency exchange.

According to reports, Binance is in talks with Indonesia’s richest family, Hartonos, to launch a transaction service. According to Bloomberg, Binance may soon finalize an encryption joint venture with PT Bank Central Asia (BCA) controlled by Hartonos.

If approved, the new BCA partnership will allow the launch of a second crypto enterprise for Binance in Indonesia. Due to regulatory resistance, the cryptocurrency exchange also plans to expand to the UK in the next 6 to 18 months.