Binance Singapore will officially close in February 2022
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The announcement was made official on the Binance.sg website.
Binance Singapore is not licensed to operate
Binance.sg is an exchange owned by Binance. This exchange is aimed explicitly at Singaporean users. Binance.sg is regulated by Binance Asia Services Pte Ltd (BAS). However, the company has no intention of continuing to add the required licenses in the host country.
In not providing the required licenses, Binance was forced to stop its operations. This includes the exchange Binance.sg. This does not affect the company’s operations globally and on its other exchanges. For example, is Binance.com. BAS will close all digital payment token (“DPT”) services by February 13, 2022.
From Monday, December 13, the new registration feature will be closed on Binance.sg. All user accounts that have not passed KYC will be suspended and cannot be recharged. Exchanges can still operate until January 12, 2022.
Users can still withdraw funds but only until February 13, 2022. Therefore Binance will advise users to withdraw from Binance.sg before this time. And all user accounts on Binance.sg will be permanently closed as of February 13, 2022. Binance also advises users to make withdrawals as soon as possible. Investors should not wait for the deadline on February 13. They also state that BAS is not responsible for any loss if users fail to withdraw funds after February 13, 2022.
Binance will not be leaving Singapore permanently
However, Changpeng CZ Zhao, founder, and CEO of Binance, has indicated that the company will not be leaving Singapore permanently. Binance has also announced that it is holding an 18% stake in Singapore-based Hg Exchange (HGX), subject to regulatory approval. HGX is a blockchain-based private equity exchange. It was founded by financial institutions such as PhillipCapital, PrimePartners, and Fundnel.
CZ has also previously revealed that Binance is making some significant changes in its organizational structure and its products. At the same time, the company will also change its internal processes and the way it works with regulators. The company is creating the right physical offices, legal entities, board of directors, and governance structure. In this way, they will be able to solve many of the problems that have been encountered recently with the regulatory authorities.
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