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Binance Singapore Drops Crypto License Plans in City-State
Binance has already set up an entity for a global headquarters, the exchange’s CEO Changpeng “CZ” Zhao said.
Binance’s Singapore entity plans to withdraw its application for a crypto license in the city-state, and will expel local users by Feb. 13, 2022, the exchange said on Monday.
- Binance Asia Services (BAS), the exchange’s local affiliate, is one of approximately 170 crypto firms that had applied for a Digital Payment Token License in Singapore, which would allow them to offer digital assets services to local users. Firms are allowed to offer crypto services as long as their license application is under review.
- Binance will stop offering services through its local site, Binance.sg, by Feb. 13, 2022, closing all existing accounts. Users have to close their positions by that date.
- BAS will refocus its operations to be a technology, research and development center, according to a statement emailed to CoinDesk.
- Effective immediately, Binance Singapore will not accept any new users, and will not allow existing users to deposit assets on the exchange. Users can continue trading in crypto until Jan. 12, 2022. After that, they will only be able to withdraw crypto and fiat assets to third-party platforms, until Feb. 13.
- Around 100 of the applicants have either withdrawn their filings or been rejected, according to the Monetary Authority of Singapore, while only four licenses have been granted.
- Binance has already set up an entity for its global headquarters, CZ said in November, after years of working on a decentralized model, while its U.S. arm is preparing for an IPO.
- Crypto exchange Huobi has tapped Singapore for its Asia headquarters.
Read more: Binance US to Close Pre-IPO Funding in 1-2 Months
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UPDATE (Dec. 13 5:20 UTC): Adds BAS statement in third bullet.
Greg Ahlstrand
Originally from California, I've been Asia-based since 1999, headquartered in Hong Kong and Jakarta and traveling throughout the Asean countries, Japan, Korea, the Chinese mainland and Taiwan for stories. Made Australia a couple of times, too. I started my journalism career as a news assistant at the Fresno Bee in Central California while studying the subject in school after the Navy. I went from launching and recovering helicopters on flight decks at sea to recovering papers fresh off the printer in the Bee's basement and launching them onto the editors' desks, whose editors had long since gone home for the night. Eventually, they let me stop delivering the paper and start writing stuff in it. My first beat was night cops: liquor store robberies, gang shootings, fatal car crashes (almost always alcohol related). It was an education. I am, as implied above, a U.S. Navy veteran. I served in seagoing helicopter squadrons as an aviation anti-submarine warfare technician throughout the Asia Pacific region and the Indian Ocean. I have a significant number of sailor stories to tell. I have no significant crypto holdings. Among my hobbies are welding, building stuff, home remodelling, (or knocking a house down and starting from scratch if it's too far gone to fix), riding horses and rebuilding old tractors. So far I've done a Ford 8N and a Ford 9N. It's slow going, because I live in Hong Kong and the tractors are in California, so I only get to work on them once or twice a year, for a week or two at a time - and that was before covid. I love my Lab, Cooper, whom my neighbors asked me to adopt two years ago when they moved back to Shanghai from Hong Kong. Cooper and I actually planned the whole thing -- we've known each other almost his whole life -- but his first parents are unaware of the conspiracy; and they send him Christmas presents every year.
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
