Maximise your Metaverse potential, giving you daily rewards and a passive income of 0.5% daily I'm going in!

Binance Singapore decides to withdraw the application of crypto license

3 min reading

By February 13, 2022, Binance intends to "wind down" all services in Singapore. On the Binance.sg platform, users can no more deposit cryptocurrencies or fiat.

Binance has pulled its application for a digital payment token (DPT) services licence with the Monetary Authority of Singapore (MAS).

Binance.sg has halted enrolling new users and will no longer accept cryptocurrencies or fiat from Singaporeans as from December 13.

Binance intends to "wind down" all cryptocurrency token-related services by February 13, 2022. The exchange also declared that after the self-imposed period, it will no longer be responsible for the assets of the users:

“With immediate effect, users must start to make plans to withdraw their crypto and fiat from Binance.sg. Accounts of registered users who have not passed KYC will be suspended.”

Users of Binance Singapore can currently buy and sell cryptocurrency utilising their existing assets till January 12, 2022. Users of Binance.sg will be prohibited to buy or sell cryptocurrency from January 13. During this period:

“Users can only withdraw and move their crypto to third-party platforms or crypto wallets; and/or withdraw their SGD. All accounts must be closed by 13 February 2022.”

Binance seeks to create additional plans to liberate customers’  assets in response to a formal request to the company's customer service.

Binance will not permit any Singapore users to shut positions or withdraw crypto assets after the deadline. The statement noted, “The locked crypto assets will be held in an escrow account and your fiat assets will be transferred to your StraitsX Personal Account,”

“We recommend that you take action as soon as possible before the deadline for account closure (13 February 2022). Please note that BAS will not be held responsible for any losses that result from your failure to withdraw your assets and close your account by 13 February 2022.”

Binance CEO Changpen Zhao stated that the exchange will continue operating in Singapore, adding that the withdrawal was related to the firm's recent acquirement of Hg Exchange, a Singapore-regulated private securities exchange (HGX).

As HGX was recently provided with a recognised market operator licence by the MAS, the 18 % ownership indicated an attempt to evade current regulatory restrictions.

Amidst the continued regulatory attention, Binance strives to research further regions to establish localised crypto exchanges.

The Hartonos, Indonesia's wealthiest family, is said to be in discussions with Binance about establishing an exchange. According to Bloomberg, Binance may soon establish a crypto venture with Hartonos-controlled PT Bank Central Asia (BCA).

The new BCA partnership, if approved, will allow Binance to establish a second crypto venture in Indonesia. Despite regulatory concerns, the crypto exchange plans to expand to the United Kingdom in the coming 6 to 18 months.

Currency Exchange rate Buy cryptocurrency

Maximise your Metaverse potential,
giving you daily rewards and a passive income of 0.5% daily

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Ommyo.Net (www.ommyo.net). Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the ommyo.news/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Ommyo.Net c/o Fintech Labs Global Solutions, Unit 303, Ile Du Port, Mahe, Seychelles

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.