Binance, the world’s largest cryptocurrency exchange, has shut down its Singapore trading platform

Zhao Changpeng talks on November 19, 2021, at the Bloomberg New Economy Forum in Singapore. VAN DER BEEK/BLOOMBERG BRYAN VAN DER BEEK

Binance Singapore has withdrew its application for a cryptocurrency exchange licence and will shut down its trading platform in the city-state on February 13.

Users of Binance Singapore will be notified through email of the procedures they must follow once the site ends operations. The business said in an email that registrations, crypto and currency deposits, and trading on the Binance Singapore platform would be suspended immediately.

“We have always prioritised our consumers, which is why we did not take the decision to shut lightly,” stated Richard Teng, Chief Executive Officer of Binance Singapore. “Our first focus is to assist our Singapore users in transferring their assets to other wallets or third-party services.”

Binance Singapore was one of around 170 firms that applied to the Singapore Monetary Authority (MAS) for a licence to operate cryptocurrency services. During the licencing procedure, the firm operated under a temporary exemption.

According to the corporation, its activities in the city-state will now serve as a blockchain innovation centre via initiatives like as incubation programmes, blockchain education, and investments.

Binance Singapore invested in Hg Exchange (HGX), a regional private securities exchange, last week. The transaction offers Binance Singapore an 18 percent post-money ownership in a Singapore-based exchange that was awarded a Recognized Market Operator licence by the Monetary Authority of Singapore earlier this year. The transaction will be subject to regulatory approval.

Changpeng Zhao, the billionaire creator and CEO of Binance, subsequently said on Twitter that the investment in HGX was a factor in the company’s decision to withdraw its application for a licence.

Binance was founded in 2017 by Zhao and cofounder He Yi, who together grew it to become the world’s biggest cryptocurrency exchange by trading volume, as determined by CoinGecko.

Despite the absence of an official headquarters, Binance’s primary trading platform has maintained an average daily trading volume of $2 billion and more than 1.4 million transactions per second, according to the company’s website. Zhao recently informed Bloomberg that Binance has chosen a site for its headquarters and would disclose it shortly.

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