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Binance CEO Squashes Singapore 'Fake News', Reiterates Interest

Binance’s CEO reiterates his commitment to Singapore by quashing ‘fake news’ on Singapore’s crypto regulatory regime

Speculation on Binance’s License Withdrawal

  • Changpeng Zhao (CZ) the Chief Executive Officer (CEO) of Binance took to Twitter to quash rumors that have been circulating on social media after the decision to wind-down  Binance.sg’s operation and withdrawal from their present regulation with the Monetary Authority of Singapore (MAS). 
  • Binance’s affiliate, Binance.sg made a surprise announcement on Dec 13 to its customers announcing the gradual winding-down of the Singapore crypto exchange operation. 
  • This decision led to widespread speculation that Binance is frustrated with the authorities in Singapore pertaining to its license application. 
  • In an interview with Bloomberg on Dec 13, CZ reiterates that Binance will continue to have a presence in Singapore.
  • Presently, users registered on the Binance.sg’s platform are only allowed to trade in eight crypto assets, a stark contrast compared to the array of crypto assets available on Binance.
Source: Binance has been cementing its presence in Europe and is trending on crypto twitter in several countries.

License Approval is Key

  • Binance continues to scout for a place to be called ‘home.’ This will likely be a crypto-friendly jurisdiction. 
  • The latest news has pointed to France as the frontrunner. 
  • The Secretary of State to the Minister of the Economy and Finance in France was present when the joint initiative titled ‘Objective Moon,’ led by Binance and France Fintech.
  • Binance recognizes the need for it to be physically located in a jurisdiction that will grant it the license for its global operation.  
  • Presence in France will open more doors to the European crypto market. 

Binance has HGX

Source: Binance continues to have its presence in Singapore through its new acquisition
  • Binance has acquired 18% in a regulated local securities exchange. Binance may continue to expand its operation in Singapore through the new acquisition.
  • Singapore is fast becoming a crypto hub for many startups because of its pro-crypto policies. 
  • Binance will have good leverage in Singapore as the island nation continues to attract crypto-based investments and talents to its shores. 

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