The Singapore entity of Changpeng Zhao, Binance Asia Services Ltd., has pulled back its application for a license for a cryptocurrency exchange. The company will wind up its Singapore operations and shut down by February 2022. The platform’s users must operate all open positions and withdraw their Singapore dollar and cryptocurrency assets by that date.
Binance said it took this decision in terms of account strategy, commercial and developmental considerations. “With immediate effect, registrations, cryptocurrency and currency deposits and trading on Binance.sg will be closed,” the company said in a press release.
Richard Teng, Binance.sg CEO said they will always put their users first. “So our decision to close Binance.sg was not taken lightly. Our immediate priority is to help users in Singapore transition their holdings to other wallets or other third-party services,” he said. “Binance will refocus its Binance Asia Services operations in Singapore into a blockchain innovation hub to help develop the global blockchain ecosystem.”
Over the past couple of months, Changpeng Zhao set the market rippling with mixed signals about where he would be basing the firm. There had been talks about the Middle East and Europe being the potential base. In an interview with The Telegram, Zhao said he bought his first-ever home in Dubai to show commitment to the jurisdiction, which he described as ‘very pro-crypto’. Binance Asia is looking at France and UK to revive its registration plans.
Binance Holdings was founded in China in 2017, and as of yet, it hasn’t set up a global base. Zhao has incorporated firms in locations where the company operates. Binance Asia was one of about 170 companies that had applied to the Monetary Authority of Singapore for a permit to provide cryptocurrency services in 2020.