Binance Makes Singapore Retreat
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Binance has withdrawn an application for a Singapore crypto permit via a local unit, marking an end to its pursuit to be a licensed bourse in the city-state.
Binance Singapore has withdrawn the application and will shut down its operations in the city-state by February 13, according to a statement from the cryptocurrency giant.
Our decision to close Binance.sg was not taken lightly. Our immediate priority is to help our users in Singapore transition their holdings to other wallets or other third-party services, said Binance Singapore chief executive Richard Teng.
I am grateful to the MAS for its ongoing assistance to Binance Asia Services and we look forward to future opportunities to work together.
Binance is in the midst of selecting a global headquarter and with the latest move, it is likely to drop Singapore out of the running leaving Europe and the Middle East as potential contenders.
Nonetheless, Binance is expected to remain active in the Singapore market with its latest acquisition of an 18 percent stake in private securities bourse HGX.
Questions & Answers
Q.What is the deadline for Binance Singapore users to move their holdings?
What is the deadline for Binance Singapore users to move their holdings?
Binance Singapore plans to cease operations by 13 February. The chief executive stated that helping users transition their holdings to other wallets or third-party services is their immediate priority before this date.
Q.Why did Binance Singapore decide to withdraw its permit application?
Why did Binance Singapore decide to withdraw its permit application?
The article states that the decision to close Binance.sg was not taken lightly by the cryptocurrency giant. No specific reasons for the withdrawal or closure are provided within the text.
Q.Will Binance completely exit the Singapore market after this withdrawal?
Will Binance completely exit the Singapore market after this withdrawal?
No, Binance is expected to remain active in Singapore. This is due to its recent acquisition of an 18 percent stake in HGX, which is a private securities bourse in the city-state.
Q.How does this decision affect Binance's search for a global headquarters?
How does this decision affect Binance's search for a global headquarters?
This move makes it likely that Singapore will be dropped from consideration as Binance's global headquarters. The article suggests that Europe and the Middle East are now the potential contenders.
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