Binance crypto exchange withdrew its application from Singapore’s Monetary Authority for a payment token service license. New users were stopped from onboarding at Binance.sg on Monday. The exchange stopped accepting deposits of fiat or cryptocurrencies. All services relating to cryptocurrency token dealings will be closed in 2022 on February 13. The exchange stated that it would not be responsible for the assets of users after this deadline.
Users Are Advised to Withdraw Their Fiat and Crypto Currencies
The exchange asked its users to make plans for withdrawing their fiat and cryptocurrencies from this platform. Registered users without KYC will have their accounts suspended. Singapore users of Binance.sg can sell and buy crypto with their current assets until January 12 of 2022. From January 13, they will be unable to sell or buy crypto on this platform. During this time, they will be able to pull out and transfer their crypto to other platforms and crypto-wallets. They can also withdraw any SGD stored here. All accounts will be closed in 2022 on 13 February.
Locked Assets Will Be Stored in the Escrow Account
Users have to make a request to the customer service to get their assets released. After the account closing date, Singapore users will not be allowed by Binance to withdraw or close positions in crypto assets. An escrow crypto account will hold the locked assets. The announcement stated that users would see their fiat assets transferred to StraitsX Account.
Binance. sg users have been advised to take all necessary actions before the 13 February deadline when the accounts will be closed. The platform will not be responsible for any loss incurred by the users if they fail to withdraw their assets before this closure date.