Binance, one of the largest cryptocurrency exchanges in the world, will close its Singapore office and stop offering trading services.
The company’s division withdrew its licensing application, and the site will close until February 13.
Binance, a cryptocurrency exchange, is closing its Singapore operation, Bloomberg reports. The business has withdrawn its application to the Singapore Monetary Authority to operate bitcoin exchange services. Binance.sg will suspend operations entirely on February 13.
Binance Asia purchased an 18% stake in Singapore’s Hg Exchange last week (HGX). The business added that by doing so, they want to develop a partnership with HGX in the area of cryptocurrency trading as well as extend their portfolio of blockchain-based goods and services. The exchange is primarily focused on trading non-public company stock and alternative assets such as wine, art, and real estate.
Previously, it was revealed that Binance intends to seek investments from sovereign wealth funds and is now in talks with them. Simultaneously, the Binance US trading platform’s American subsidiary is preparing to list on the stock market.
Crypto regulation has been a topic of concern among regulators, investors, and financial experts. While many countries are still deciding how to regulate cryptocurrencies, Singapore is already making some moves.
Binance has been struggling to maintain a balance between its business operations and regulatory requirements. As of late, Binance has been striving to clear up any misconceptions that may have arisen regarding the company’s regulations. Their priorities are based on serving more customers with their services while also maintaining good relationships with regulators.
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