Binance Withdraws Crypto License Application in Singapore
- The exchange’s CEO explained on Twitter that the move was connected to Binance’s recent acquisition of Singapore-regulated securities exchange HGX.
- The exchange is also winding down its services in the area, with Singapore users no longer having the ability to deposit fiat or crypto to the platform.
Shutterstock
Popular crypto exchange Binance to withdraw its crypto license application with the Monetary Authority of Singapore (MAS) and wind down its services in the area, the company said in a notice on 13 December.
According to the announcement, the exchange’s local affiliate, Binance Asia Services (BAS), has dropped its application with the MAS for a Digital Payment Token License, which would have allowed it to offer crypto services to local users. The exchange has also started winding down its services in Singapore, and no longer allows the creation of new accounts in the area or the deposit of crypto and fiat.
Binance users in Singapore, however, will still be able to buy and sell crypto using their existing assets until 13 January, after which the exchange plans to disable all of its services except for crypto and fiat withdrawals. A month later, on 13 February, Binance will close all existing accounts in the area, and transfer any remaining user crypto assets to an escrow account, while fiat assets will be transferred to their owner’s “StraitsX Personal Account”.
Shortly after the news was out Binance’s CEO, Changpeng “CZ” Zhao, went to Twitter to assure the exchange’s clients that Binance will still have a presence in Singapore. He also clarified that withdrawing the MAS application was connected to Binance’s recent investment into regulated securities exchange Hg Exchange (HGX), in which it took an 18% stake. CZ tweeted:
Earlier this year, Binance was placed on Singapore’s investor alert list, which forced it to roll back its Singapore Dollar (SGD) product offerings in the country. Despite its troubles, the exchange continues to look for places it can expand to, and is reportedly in the middle of partnership talks with Indonesia’s richest family, the Hortonos, and the country’s largest telecom.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
Shutterstock
- Germany’s largest bank will use Taurus’ custody and tokenization technology to manage the cryptocurrencies, tokenized assets, and digital assets of its clients.
- Deutsche Bank was one of a few companies to participate in Taurus’ $65 million Series B fundraising round back in February, which was led by Credit Suisse.
- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.