NEW DELHI: The largest crypto exchange Binance Asia informed in an email about closing its exchange operations in Singapore by February 13, Fortune.com reported.
The exchange withdrew its application with the Monetary Authority of Singapore (MAS) to operate a digital asset exchange in the country.
The email informed the following course of actions for shutting down crypto services in the country:
* Binance Singapore said that buying and selling of crypto for existing assets of users will stop from January 13, 2022.
* Binance Asia Services Pte Ltd (BAS) will be withdrawing its licensing efforts in Singapore and shutting down its digital payment token services in Singapore by February 13 2022.
* New user registrations will not be permitted from now on and the existing users will not be able to deposit crypto or fiat on the exchange.
* The exchange clarified that the users can continue buying and selling crypto using their existing assets until January 12, 2022.
– However, Binance Singapore instructed users to plan withdrawal of their fiat and cryptocurrencies from the platform soon.
* From January 13 to February 13, 2022, customers will be able to withdraw and move their crypto to third-party platforms or crypto wallets.
* The exchange made clear that all the accounts must be closed by February 13, 2022.
The closure of Binance Singapore followed after these events, reported Bitcoin.com:
* MAS had warned Binance Singapore in September for illegally operating in its jurisdiction.
* After this, the exchange stopped these crypto services in Singapore.
– Fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels, and liquid swaps.
* Binance CEO, Changpeng Zhao tweeted on December 13 that he invested a lot, about 18 per cent in a Singapore- regulated private securities exchange, Hg Exchange (HGX) which has made their own application redundant.
– Zhao said in the tweet that Binance would still work through its partners to develop the crypto industry in Singapore.
Binance Asia clarified following the withdrawal of its Singapore application, the decision has been taken considering the strategic, commercial and developmental considerations globally.
(For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.)
The exchange withdrew its application with the Monetary Authority of Singapore (MAS) to operate a digital asset exchange in the country.
The email informed the following course of actions for shutting down crypto services in the country:
* Binance Singapore said that buying and selling of crypto for existing assets of users will stop from January 13, 2022.
* Binance Asia Services Pte Ltd (BAS) will be withdrawing its licensing efforts in Singapore and shutting down its digital payment token services in Singapore by February 13 2022.
* New user registrations will not be permitted from now on and the existing users will not be able to deposit crypto or fiat on the exchange.
* The exchange clarified that the users can continue buying and selling crypto using their existing assets until January 12, 2022.
– However, Binance Singapore instructed users to plan withdrawal of their fiat and cryptocurrencies from the platform soon.
* From January 13 to February 13, 2022, customers will be able to withdraw and move their crypto to third-party platforms or crypto wallets.
* The exchange made clear that all the accounts must be closed by February 13, 2022.
The closure of Binance Singapore followed after these events, reported Bitcoin.com:
* MAS had warned Binance Singapore in September for illegally operating in its jurisdiction.
* After this, the exchange stopped these crypto services in Singapore.
– Fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels, and liquid swaps.
* Binance CEO, Changpeng Zhao tweeted on December 13 that he invested a lot, about 18 per cent in a Singapore- regulated private securities exchange, Hg Exchange (HGX) which has made their own application redundant.
– Zhao said in the tweet that Binance would still work through its partners to develop the crypto industry in Singapore.
Binance Asia clarified following the withdrawal of its Singapore application, the decision has been taken considering the strategic, commercial and developmental considerations globally.
(For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.)
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