Binance Makes Singapore Retreat

Dec 13, 2021Updated May 19, 20251 min read

Binance has withdrawn an application for a Singapore crypto permit via a local unit, marking an end to its pursuit to be a licensed bourse in the city-state.

Binance Singapore has withdrawn the application and will shut down its operations in the city-state by February 13, according to a statement from the cryptocurrency giant.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.

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Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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