According to a blog published by Binance earlier today, addressing its customers in Singapore, it stated that it will stop its efforts to obtain a license to operate in the country, after receiving a response from the Monetary Authority of Singapore (MAS).
Accordingly, the platform will now stop providing any cryptocurrency trading services to its clients in Singapore.
Binance services will stop in Singapore by February:
In a recent blog post on Binance.sg, Binance clarified that all services that contain digital payment will be closed in Singapore by February 13 next year.
— 🐼PandaRippleXRP🐼 (@RipplePandaXRP) December 13, 2021
According to Binance, the impact on Singaporean users will begin today, December 13.
In particular, the platform will stop registering new users, and clients who have not passed the KYC procedure will not be allowed to trade.
Regardless, all crypto and fiat currency deposits will be closed.
All user accounts must be closed by February 13, 2022, and assets must be withdrawn.
Binance warns that after the stated February deadline, it will collect a maintenance fee of 5% per month to hold the remaining undrawn crypto assets.
Besides, a one-time administration fee of 20% will be charged and transferred for storing undrawn cryptocurrencies.
Here is one of the reasons why Binance is leaving Singapore:
Last week, we reported on Bitcoin Arab about the investment of Binance Singapore “Binance.sg” in the local “HGX” exchange, so that it has dealings with securities: “Hg Exchange”.
Binance acquired an 18% stake in the platform.
Earlier in 2021, HGX obtained a license for market operations from the regulator, MAS.
Later, Binance chairman and billionaire CZ tweeted that Binance’s investment in the stock exchange was one of the factors that made Binance give up trying to obtain a license in Singapore.
He tweeted that investing in the aforementioned stock exchange made our special request somewhat redundant.
CZ added that Binance will continue to work on developing the crypto industry in the region through its partners.
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