Binance to wind down Singaporean operations

Binance is exiting the crypto market in Singapore after several clashes with regulators in the country.

Singapore, which is reportedly the world’s foremost crypto-ready jurisdiction, has been clashing with several exchanges over the last months.

Most recently, Binance Asia Services, the company’s Singaporean unit, said it would be winding down its operations, with the service being cut off completely in February 2022.

Binance said on Monday that it would be exiting the market as it faced issues with the Monetary Authority of Singapore (MAS), the country’s financial regulator.

MAS ordered Binance Singapore to discontinue all transfers with its global sister site, and placed the exchange on its investor alert list, cautioning that the exchange may be breaching local law.

While Binance may have been forced out, the company is very closely connected with Singapore. Chief executive Changpeng Zhao is based in the country and has been a staunch supporter of the industry as a whole.

While Binance has applied for a license very early, it seems that it has not been able to appease local regulators. Recently, cryptocurrency exchange Bitget was suspended over a seemingly innocent row with BTS, a boy band from South Korea.

Huobi was forced to reform its operations earlier this year as well, with Singapore both welcoming crypto operations and taking a hard stance towards many established players.

Part of Binance’s issues in Singapore might be linked to problems the exchange has run up against in other jurisdictions.

For example, the UK Financial Conduct Authority said in August that it was not confident that consumers were safe using the exchange. It described it as “a significant risk” to registered users.

Whether Zhao will remain in Singapore is not yet clear, although Binance has a habit of deploying employees globally.

Binance is now officially hunting for its new headquarters. Meanwhile, the exchange is not giving up on jurisdictions it remains interested in. The UK may have given it the cold shoulder, but Binance is looking to push back in.

In the meantime, you can explore crypto on your own terms by visiting Bitcasino, 1xBit or FortuneJack.

Source

Updated: 12/14/2021 — 23:00