Crypto Exchange Binance to Withdraw Licensing Efforts in Singapore

In a recent announcement to Binance.sg users, the crypto exchange mentioned that Binance Asia Services Pte Ltd (BAS) is planning to withdraw its licensing efforts in Singapore. From 13 December 2021, Binance.sg will not accept any new registrations.

The digital exchange requested users to withdraw their crypto and fiat assets from Binance.sg. The company will shut down its digital payment token (DPT) services in Singapore by 13 February 2022.

The current users of Binance.sg are still allowed to buy and sell crypto through their existing assets until 12 January 2022. However, buying and selling from existing assets will not be available from 13 January and users can only withdraw their assets and close their accounts by 13 February 2022.

"We are writing to you today to inform you that Binance Asia Services Pte Ltd (BAS) intends to withdraw its licensing efforts in Singapore and wind down its digital payment token ('DPT') services in Singapore by 13 February 2022. The decision has not been made lightly, and we apologize in advance for any inconvenience this may cause. With immediate effect, no new user registrations will be permitted on Binance.sg. Accounts of registered users who have not passed KYC will be suspended and users will not be able to deposit crypto or fiat on Binance.sg,” the crypto exchange noted.

The announcement about the closure of Binance.sg came nearly 10 days after Changpeng Zhao, the CEO of the digital exchange, highlighted the company’s efforts to expand its presence in the UK.

Binance Asia Services

Being one of the largest crypto exchanges in the world, Binance saw substantial growth in Asia during 2021. Despite regulatory challenges, the digital exchange expanded its services in the region. The closure of Binance.sg will be a major setback for the crypto ecosystem in Asia.

“We recommend that you take action as soon as possible before the deadline for account closure (13 February 2022),” the company added.