[ad_1]
When the company is preparing to withdraw its application to the Monetary Authority of Singapore (MAS) to control the country’s digital currency exchange, the cryptocurrency exchange Binance is ending its trading business in Singapore. Binance Singapore stated: “From January 13, 2022, cryptocurrencies will be purchased and marketed from users’ existing assets.”
Binance withdraws application to control Singapore’s cryptocurrency exchange
Binance announced a number of changes affecting all users of its Singapore platform Binance.sg on weekdays. The exchange pointed out that “calls are not created easily,” and the exchange detailed:
We are writing to tell you today that Binance Asia Services Pte Ltd (BAS) intends to withdraw its license to work in Singapore and terminate its digital payment token (‘DPT’) service in Singapore before February 13, 2022 .
Binance explained that with immediate impact, new users will not be allowed to register on Binance.sg, and existing users will not be able to prepare to deposit cryptocurrency or laws on the platform.
Between January 13 and February 13, 2022, “Users will individually withdraw and transfer their cryptocurrency to a third-party platform or crypto wallet; and/or withdraw their SGD,” the exchange emphasized, stating that “ All accounts should be closed before February 13, 2022.”
CEO explains why Binance Singapore is closing its cryptocurrency trading business
Binance COO Changpeng Zhao (CZ) clarified on Twitter on weekdays his company’s reason for withdrawing the device in order to control a regional exchange in Singapore. He wrote on Twitter:
Binance made a significant investment in the regulated exchange HGX last week. This investment created our own application, which is somewhat redundant. We will continue to develop Singapore’s encryption business through our partners.
Last week, Binance announced that 18% of its shares in Hg Exchange (HGX), a non-public stock exchange regulated by Singapore, are not inheritable.
In September, when MAS issued a warning asking the exchange to stop providing payment services, Binance shut down some of its services in Singapore. Binance subsequently stopped providing legal deposit services, spot mercantilism of cryptocurrencies, access to cryptocurrencies through legal channels, and liquidity swaps.
Singapore is not the only country that has issued warnings to Binance regarding operators without a license. Various regulatory agencies, as well as those in the United States, the United Kingdom, African countries, Australia, Norway, the Netherlands, Hong Kong, Germany, Italy, India, Malaysia, and Letois have issued warnings to the exchange. In August, Binance stated that it has always made regulatory compliance its top priority.
Zhao said last week: “We are making various very substantial changes in the structure, product supply, our internal processes, and the way we tend to work with regulators… We are adapting to real offices, legal entities , The correct board of directors, the correct governance structure in most places.”
Post Binance shuts down Singapore’s cryptocurrency trading services First appeared in Bitcoin wire.
[ad_2]
Source link
