Binance – the biggest exchange of digital assets across the globe in terms of volume – has been taking such steps that would enhance the regulatory compliance thereof, since 2020. In June, the exchange started a subsidiary in Singapore known as Binance Pte (which was long-awaited after its licensing scrutiny executed by the MAS or Monetary Authority of Singapore), as reported previously. The firm is currently shifting the focus to turn out as a MAS-regulated organization and it took a stake of nearly 18% during the last week in this respect.
As per a declaration posted on “Binance.sg,” the Singapore-based brand of the company inclines to roll back its endeavors across Singapore and to shut down the operations thereof in the early period of the coming year.
BAS (Binance Asia Services Pte Ltd) pursues to terminate the licensing attempts in Singapore by putting an end to its DPT (digital payment toke) services within Singapore till February 13th in 2022. The respective choice has been determinedly made and the exchange apologizes for the potential inconvenience to be experienced by the consumers, in advance.
It was further elaborated by the respective declaration that the KYC processes, as well as customer registrations, have been blocked by Binance.sg in the case of both the fiat as well as crypto deposits. The trading period only lasted till the 12th January of the current year, following which just one month will be left with the clients to withdraw the respective assets in advance of the termination of the entirety of the accounts.
Changpeng Zhao – the CEO of Binance – posted on his official Twitter account and clarified that the withdrawal of the license application was resulted because of the investment of Binance in HGX (an exchange of cryptocurrency in Singapore).
The application of the exchange turned out to be slightly redundant because of the respective investment. The management team of the exchange will continuously operate along with its collaborators to bring expansion to the industry of cryptocurrency around Singapore, he noted.
Richard Teng – the person who was hired as BAS’ CEO in June – had formerly been functioning as HGX’s chairman along with having obtained a 13-year experience at the Singaporean Monetary Authority in advance of that. He disclosed that they would operate in close collaboration with the authorities of the country to back the advancement of the ecosystem of the blockchain by promoting native required talent.