Binance has withdrawn its application for a digital payment token (DPT) services license with the Monetary Authority of Singapore (MAS).
Binance.sg has stopped onboarding new users and will no longer allow Singaporeans to deposit cryptocurrencies or fiat currency on the exchange as of December 13th.
It intends to “wind down” all cryptocurrency token-related services by February 13, 2022. However, after the self-imposed deadline, the exchange announced that it would no longer be responsible for the assets of its users:
“With immediate effect, users must start to make plans to withdraw their crypto and fiat from Binance.sg. Accounts of registered users who have not passed KYC will be suspended.”
Binance Users in Singapore can currently buy and sell cryptocurrency with their existing assets until January 12, 2022. Users of Binance.sg will be unable to buy or sell cryptocurrency after January 13th. During this time, you should:
“Users can only withdraw and move their crypto to third-party platforms or crypto wallets; and/or withdraw their SGD. All accounts must be closed by 13 February 2022.”
Binance intends to make additional arrangements
It intends to make additional arrangements to release users’ assets in response to a formal request to the company’s customer service department.
It will not allow any Singapore users to close positions or withdraw crypto assets after the deadline. The announcement stated. “The locked crypto assets will be held in an escrow account. In addition, and your fiat assets transferred to your StraitsX Personal Account.”
“We recommend that you take action as soon as possible before the deadline for account closure (13 February 2022). Please note that BAS not held responsible for any losses. That result from your failure to withdraw your assets. And close your account by 13 February 2022.”
Binance CEO Changpeng Zhao stated that the exchange will continue to operate in Singapore and that the withdrawal was due to the exchange’s recent acquisition of Hg Exchange, a Singapore-regulated private securities exchange (HGX). Because HGX recently granted a recognized market operator license by the MAS. The 18 percent stake signaled an attempt to overcome existing regulatory hurdles.
Clarification. Binance made a sizable investment into regulated exchange HGX last week. This investment made our own application somewhat redundant. We will continue to work through our partners to grow the crypto industry in Singapore. Onwards.https://t.co/D9oywGEavV
— CZ 🔶 Binance (@cz_binance) December 13, 2021
Binance continues to look into new jurisdictions
Despite the ongoing regulatory scrutiny, Binance continues to look into new jurisdictions for the purpose of establishing localized cryptocurrency exchanges.
Binance is reportedly in talks to launch an exchange service with Indonesia’s wealthiest family, the Hartonos. Binance may soon finalize a crypto venture with Hartonos-controlled PT Bank Central Asia, according to a Bloomberg report (BCA).
The new BCA partnership, if approved, will allow Binance to launch a second crypto venture in Indonesia. Despite regulatory opposition, the crypto exchange plans to expand to the United Kingdom in the next six to 18 months.