Binance.sg recently addressed its users and said that it will be officially shutting down its license application in Singapore. Binance Asia Services Pte Ltd (BAS) has requested that all its users withdraw all crypto and fiat monies as soon as possible. The official announcement revealed that starting from 13th February 2022 Binance.sg will be putting an end to its digital payment token services in Singapore.
The biggest hit though came with the announcement that Binance.sq will not be accepting new registration from 13th December 2021.
Current users of Binance.sg will continue to be allowed to buy and sell crypto assets until the 12th of January 2022. However, Binance.sg warned that clients have until the 13th February 2022 to withdraw all their assets and close their accounts.
As one of the biggest crypto exchanges in the world with a huge operational chunk based in Singapore and interconnected areas, its local closure will leave not only the company back but will also set back the entire crypto-based ecosystem in Asia.
Earlier this month, Binance officially announced that it will be applying for an FCA license, as revealed by the CEO of the digital exchange Changpeng Zhao. Some are speculating that this decision has something to do with the UK license application.
