In 2020, Binance Asia Services Ltd. had applied to run a bourse in Singapore for winning approval from the authorities of the city-state. However, in a brand-new development, the Binance affiliate withdrew the application.
In an emailed statement, Binance Asia said that Binance.sg would be halting its operations completely by February 13, 2022. The company, along with another 170 firms, had applied for a permit to the Singapore Monetary Authority for providing crypto services.
After the application, Singapore was touted as the worldwide headquarters of Binance. However, following the withdrawal, speculation surrounding Binance’s Southeast Asia has dampened.
CEO of Binance.sg, Richard Teng, said that the closure of Binance.sg was a decision that was given some serious consideration and thought. The CEO expressed his gratitude towards Singapore’s Monetary Authority for its assistance. He also said that he looked forward to working with the country’s Monetary Authority in the future if any opportunity came up.
According to Binance’s statement, developmental, commercial, and strategic considerations were considered before deciding on withdrawing the application. Binance Asia had given users a plan for payment service cessation, which gave its customers time for seeking alternative providers or to liquidate their holdings.
Binance Holdings Ltd., founded in 2017, is yet to have a global headquarters. The modus operandi has been to incorporate firms in countries where the company operates.
Changpeng Zhao, Binance’s owner, had singled out Singapore along with some places across the Middle East and Europe as pro-crypto destinations. It will be interesting to see where Zhao heads next in his search for Binance’s global base of operations.