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Binance Withdraws Singapore Licence Application, Will Close Binance.sg

Deck: Binance announced that it will be winding down its services in Singapore by February 13, 2022 and intends to withdraw its licensing efforts in Singapore

Surprising Announcement

Binance.sg just announced that it intends to withdraw its licensing efforts and will also cease operation by February 13, 2022 after taking into account many considerations. In a sombre announcement to its Singapore users, the crypto exchange platform apologized in advance for any inconvenience caused as a result of the decision. 

Source

Binance.sg is owned by Binance Asia Services Pte Ltd (BAS), a company incorporated in Singapore. Binance Asia Services Pte Ltd is in the process of applying for the license to run a crypto exchange platform in Singapore. Singaporeans can only trade through this platform with a limited choice of crypto assets.

In August, Binance.sg hired Richard Teng, a former chief of Singapore Stocks Exchange as its Chief Executive Officer (CEO). There were rife speculations that Singapore could be Binance’s ‘new home’.

Source: Binance may pivot to France as its new base

Changpeng Zhao (CZ) the Chief Executive Officer (CEO) and founder of Binance has made an announcement of its European expansion plans. Binance sees France as a ‘natural choice’ and has committed €100 million to a French non-profit organization geared towards research, development, education, and accelerator programs. 


Timelines

Binance has listed the timeline to facilitate a gradual winding down of its services. The timelines are reproduced below: -

With immediate effect (13 Dec 2021)

  • No new user registrations will be permitted on Binance.sg. 
  • Accounts of registered users who have not passed KYC will be suspended.
  • Users will not be able to deposit crypto or fiat on Binance.sg.
  • Users may continue to buy and sell crypto using their existing assets until 12 January 2022.
  • Users must start to make plans to withdraw their crypto and fiat from Binance.sg.

Between 13 January 2022 to 13 February 2022

  • Buying and selling of crypto from existing assets of users will be discontinued from 13 January 2022.
  • Users can only:
  • withdraw and move their crypto to third-party platforms or crypto wallets; and/or 
  • withdraw their SGD; and 
  • All accounts must be closed by 13 February 2022. 

 After 13 February 2022

If you are unable to close your positions and withdraw your crypto assets from Binance.sg by the deadline of 13 February 2022, the following will occur:

  • Your Binance.sg account will be suspended and you will no longer be able to access your Binance.sg account.
  • Your crypto assets will be held in an escrow account and your fiat assets will be transferred to your StraitsX Personal Account.
  • To recover your funds after Binance.sg has closed, you will need to contact our customer service at contact@binance.sg so that we can make arrangements for any remaining assets to be transferred back to you. Please note that the following fees will apply under such circumstances:
  • Maintenance fee of 5% of the remaining crypto asset balance per month.
  • One-time administrative fee of 20% of the remaining crypto asset balance to be transferred for this service.

Binance.sg has a FAQ page to help its users with commonly asked questions. Users can also contact customer service at contact@binance.sg if the question is not within the range of information provided. 

Global Crypto Hub

Singapore continues to attract investment in crypto based projects through its policies. Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS) in an interview with Bloomberg confirms the regulator’s commitment to actively position itself towards ‘an economy of tokenization’. 

Singapore could have leveraged on the size and reach of the biggest crypto exchange in the world and cement its place as a global crypto hub. 

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