Binance Singapore Affiliate Will Withdraw License Application in the Country

Key Takeaways:

  • Fiat-to-crypto solution Binance. sg to slow down operations in Singapore. 
  • The company said that it will primarily refocus on blockchain development. 

Binance Asia Service Ltd. the Singaporean affiliate of the largest cryptocurrency exchange in the world has withdrawn its cryptocurrency bourse application. The company is looking to wind down its businesses in the country. 

Binance was among 170 other companies that had submitted an application to the Monetary Authority of Singapore for approval to offer cryptocurrency services. 

SEE ALSO: Bitcoin Latinum Rolls Out World’s First Bitcoin-enabled NFT Marketplace

Financial institutions and governments tighten crypto regulations

Financial institutions and governments from around the world have tightened their grip on the global crypto market in the past year. In many regions of the world, stringent regulations have been put in place, putting pressure on crypto exchanges such as Binance that have largely operated in an unregulated environment. 

Singapore – a developing hub for the crypto market

Singapore is among the few countries in the world that had favorable regulatory conditions for firms operating in the cryptocurrency space. It is safe to say that the city-country was in pole position in the development of a formal licensing framework for crypto firms. 

Binance’s withdrawal from Singapore is expected to put an end to speculation that it would become the global headquarters for the company. 

Richard Teng, Chief Executive Officer, Binance Singapore said that the company has always put its users first, and the decision to wind down Binance Singapore was a tough one. He said that the company has appreciated the support received from the Monetary Authority of Singapore so far. The company will look forward to working with the entity again if opportunities arise in the future. 

Binance’s Singapore entity has taken into account commercial, strategic, and developmental considerations while pulling out from Singapore. 

What’s next for Binance Asia?

Binance Asia has said that it will shift its focus toward blockchain technology for the time being. 

According to Chia Hock Lai, Co-chairman, Blockchain Association Singapore, not every crypto activity can be regulated. He said that many crypto players are on the lookout for separate unregulated and regulated entities to streamline their partnership and revenue models across different jurisdictions. 

Following the recent announcement, all local employees will now join Binance’s global operations. Currently, the company is on the lookout for a new headquarters and the Middle East has emerged as one option. 

More about Binance

Binance is the world’s largest cryptocurrency exchange in terms of the trade volume of cryptocurrencies. The company was founded in 2017 and was registered in the Cayman Islands. 

SEE ALSO: Online Payments Company Stripe Eyes Crypto Return

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Karandeep V

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency. At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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