Binance shut down its Singapore trading platform.

Binance Asia Services Ltd., the Singapore subsidiary of the world’s biggest cryptocurrency exchange, has dropped its proposal to operate a bourse in the city-state, bringing an end to an attempt that began last year to gain clearance from Singapore authorities.

Binance.sg, a fiat-to-crypto trading website, will cease operations and close on February 13, according to an emailed statement from Binance Asia. The company was one of 170 that applied to the Singapore Monetary Authority for a license to provide bitcoin services.

The company’s departure from the Singapore process is expected to put an end to speculation that the Southeast Asian city-state will become the worldwide headquarters, co-founded and led by entrepreneur Changpeng Zhao.

“We always put our users first, so our decision to close Binance.sg was not taken lightly,” said Richard Teng, chief executive officer of Binance’s Singapore entity. “I am grateful to the Monetary Authority of Singapore for its ongoing assistance to Binance Asia Services and we look forward to future opportunities to work together.”  

The company stated that its decision to withdraw its Singapore application was based on “global strategic, commercial, and developmental considerations.”

According to the announcement, the company will refocus its efforts on blockchain technology.

The exchange platform’s cancellation of its Singapore application prompted concerns about Teng, a high-flying former regulator who joined the Singapore firm in August. The Singaporean formerly served as chief regulatory officer of Singapore Exchange Ltd. and worked for the Monetary Authority of Singapore for 13 years.

According to Hazel Watts, a spokesperson of the company in Singapore, all local staff will join the firm’s worldwide operations and continue to contribute to the company.

Patrick

Coincu News