Binance Drops Singapore License Application

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Crypto exchange Binance has withdrawn an application from the Monetary Authority of Singapore (MAS) to obtain a license for a local branch, Bloomberg has reported citing the company.

Binance Asia Services is one of the approximately 170 digital asset firms that have applied for regulatory approval. In September, the MAS included the cryptocurrency exchange on its “investor warning list,” but a spokesperson noted Binance Singapore was operating “under the relevant exception” at the time.

According to the latest announcement, the platform will stop providing services through by February 13, 2022. After that, the division will focus on blockchain technology.

According to the MAS, about 100 companies have either dropped their applications or have been refused. The brokerage department of the largest bank in Singapore, DBS Bank, and the Australian cryptocurrency exchange Independent Reserve have received the approval from the regulator.

In November, MAS-regulated finance company Fintonia Group launched two institutional-grade BTC funds.

The CEO of the exchange, Changpeng Zhao, has previously allowed the opening of the company’s headquarters in France. He later added the UAE and Singapore are also considered among the possible jurisdictions.

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