The platform will cease operations completely by February 13

​Binance Singapore has withdrawn its license application

13.12.2021 - 08:40


1 min


What’s new? The Binance cryptocurrency exchange has withdrawn its application for a license to provide cryptocurrency exchange services in Singapore. Previously, its subsidiary Binance Asia Services had submitted such a request to the country's Monetary Authority (MAS). This is reported by Bloomberg.

Material on the Bloomberg website

What events preceded it? In September, the Monetary Authority of Singapore included Binance Asia Services on its “warning list for investors.”

In early December, Binance Singapore bought an 18% stake in Singapore-based regulated security token platform Hg Exchange (HGX). The platform is licensed by MAS. Through the partnership, Binance Singapore was going to establish a cryptocurrency trading operation and expand its range of blockchain-based products and services.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy