Binance Cancels Singapore Crypto Plans

Binance cancels Singapore crypto plans. Regulators block Exchange’s plans to open in financial hub. This is the latest setback to Binance’s aspirations. To establish operations in a major financial hub.

Singapur-based Binance Asia Services announced on Monday. That it would withdraw its application for a crypto business licence. And close its Singapore crypto exchange by February.

The move comes after the Monetary Authority of Singapore (MAS) ordered Binance Singapore. To halt all crypto transfers to global exchange binance.com in September, saying it “may be in violation” of local law.

Binance, one of the world’s largest cryptocurrency exchanges. Handles almost $170 billion in daily transactions.

His CEO is Changpeng Zhao of Singapore, which unlike China has not prohibited any crypto activity. The city-state has vetted the dozens of applicants for its crypto licenses with care. Regulators have objected to Binance opening crypto operations in many financial centres. Citing worries about the group’s consumer protection standards. Its “complex and high-risk financial products” posed “a serious risk to consumers,” the FCA concluded in August.

Even if Binance does not have operations in their nation. Investors can utilize the group’s offshore exchange. Which offers spot and futures trading among other services. To obtain access to standard payment networks, the company has built up affiliates globally. Binance stated it “deploys its workers globally based on strategic needs.” And would publicize any changes involving “leadership roles” if Zhao remained in Singapore.

Last week, Binance purchased an 18% interest in HGX. A Singapore-regulated exchange, according to Zhao.

There is little overlap between Binance Singapore’s crypto trading services

However, there is little overlap between the crypto trading services. Provided by Binance Singapore and the business of HGX. Which transacts in securities using blockchain technology, according to the company.

According to Zhao, “we will continue to work through our partners. To also grow the cryptocurrency business in Singapore.” Binance’s Singapore organization will “refocus” on “incubation programs. Blockchain education, and also more investment opportunities,” according to the company.

The announcement will raise the question of whether Singapore will be in the running. To host Binance’s global headquarters in the future. Zhao started the hunt for a formal headquarters earlier this year. As part of a drive to placate regulators in more than a dozen countries. Including Japan, Europe, and the United Kingdom. The search is part of a larger campaign to appease authorities worldwide and Binance cancels Singapore crypto plans.

Recent statements and business filings have fueled speculation that Dubai, France, or Ireland. This could also be in the running for the presidency. The Financial Times reported last month. That Zhao was holding off on “committing to a particular jurisdiction.” Until further clarification could be obtained. With the publishing of 10 “basic rights.” For cryptocurrency users in recent weeks, Binance has also attempted to improve its compliance credentials. While also emphasizing its “obligation” to collaborate with regulatory bodies and legislators.

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