• Binance has confirmed that it is winding down its operations in Singapore after formally withdrawing its local license application.
• Although the local affiliate is to withdrawal all trading products over the next few months, the exchange says it will refocus operations in Singapore into a blockchain innovation hub.

In what has largely been a case by case approach, Binance continues to meet or cease operations due to regulatory requirements in different jurisdictions. In Singapore, one of the nations leading in developing a regulatory framework for crypto exchanges and the wider space, Binance has confirmed that its dropping its crypto licence plans in the city-state.

The leading crypto exchange wrote on Monday;

Taking into account strategic, commercial and developmental considerations globally, Binance Asia Services has withdrawn its application to the Monetary Authority of Singapore (MAS) for a license to operate a regulated cryptocurrency exchange in the country,

The firm further stated that it is set to wind up operations and close down by Feb 13 2022 with users unable to trade on its platform. However, its presence in the city-state will remain. The company said that it will be refocusing operations in Singapore into a blockchain innovation hub. With this, the firm will be able to support other blockchain-focused projects and companies.

Just last week, Binance reportedly invested in a regional private securities exchange called Hg Exchange that gives it a post-money stake of 18 percent in the state. Binance Singapore Chief Executive Officer Richard Teng told Bloomberg;

Through this investment, we seek to work with HGX in enhancing offerings of products and services supported by blockchain technology

Binance global compliance

As CNF reported last week, Binance has ambitious plans in other regions such as Indonesia. The global crypto exchange is said to be in talks with the richest family in the nation with plans to establish a crypto exchange trading platform that will offer exposure to one of the most unbanked adult populations in the world.

Read More: Binance said to be partnering with Indonesia’s richest family

In addition, Binance CEO Changepeng Zhao has in a recent interview also confirmed that the exchange is fully engaged with U.K regulators as it strives to build back its U.K business. “We want to continue to establish a presence in the UK and serve UK users in a fully licensed and fully compliant manner,” stated the CEO.

Binance has come under scrutiny in different jurisdictions including the U.K, Hong Kong and Germany. In part, these jurisdictions have stepped up their oversight following a surge in cryptocurrency adoption. Many of these have cited consumer protections and ensuring financial stability as the reason for taking a hard look at Binance’s operations. The firm has radically beefed up its efforts to comply with these regulators.