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Binance.sg will close down by Feb. 13, 2022.

The operator of Binance.sg, Binance Asia Services, has withdrawn its application to the Monetary Authority of Singapore (MAS) to operate a regulated cryptocurrency exchange in Singapore.

No more new registrations

Binance.sg is winding down operations.

Registrations, cryptocurrency and currency deposits and trading on Binance.sg will be closed with immediate effect.

Users of the Binance.sg platform must close all open positions and withdraw their Singapore dollar and cryptocurrency assets by the closure date, Binance said.

Binance.sg CEO Richard Teng said: "We always put our users first, so our decision to close Binance.sg was not taken lightly. Our immediate priority is to help our users in Singapore transition their holdings to other wallets or other third-party services."

Binance's news release on Monday, Dec. 13, said the decision was made after taking into account strategic, commercial and developmental considerations globally.

Binance will refocus its Binance Asia Services operations in Singapore into a blockchain innovation hub to help develop the global blockchain ecosystem.

Background

Back in September 2021, MAS said Binance Asia Services' licence application to operate Binance.sg was under review.

MAS also ordered Binance to stop providing payment services to users in Singapore.

Binance is a separate entity that operates another cryptocurrency exchange Binance.com.

Binance said the MAS order at that time had "no direct impact" on Binance.sg services.

Binance is founded by Chinese-Canadian entrepreneur Changpeng Zhao and is the largest cryptocurrency exchange in the world by volume.

Top photo via Binance

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