Breaking: Binance Singapore to Reportedly Withdraw its Permit Application

After being on the regulator’s waitlist of crypto exchanges that are yet to get approval in Singapore to legally provide crypto services, Binance may just quit its former hub, and move on to expanding its business in other territories. According to Business Times insider reports, Binance has hinted at withdrawing its application with the Monetary Authority of Singapore (MAS), in lieu of the long-standing halt of seeking an operation’s permit. Furthermore, the withdrawal will depend upon whether or not the Nation’s regulatory authorities consider a change in stance. Regardless, Binance is expected to declare its final decision by next year.
Binance CEO Shares Risk Reduction & Economic Growth Strategy
While Binance CEO, Changpeng Zhao declined to comment on the status of his the exchange’s local unit’s licence application in Singapore, noting that it is “in the process”, he did highlight that Binance will only set up shop in countries with a pro-crypto approach. Despite the exchange’s recent decision to become regulator-friendly and more centralised, Binance does not believe in completely giving in to irrational regulatory restrictions. CZ argued that while risk reduction is essential for consumer protection, however, pro-crypto regulators have a way of both, reducing risk while enabling innovative and economic growth.
“When (regulators) only go by that metric, they just shut everything down, and yes that’s the best way to reduce risk. But better regulators have 2 metrics – they want to encourage innovation or economic growth and reduce risk. Regulators usually make rules that are much more pro-business when they look at both these metrics.”, The Business Times quoted its impromptu interview with CZ.
Singapore authorities are adopting a pro-crypto approach while also maintaining regulatory oversight. However, the nation is still to pass crypto exchange giants’ applications to allow them to legally provide services in the area. Last month, CoinGape reported that both, Binance and Coinbase were struggling to acquire their licenses from MAS, while authorities revealed that more than half of the companies that applied for crypto permits in 2020, had already received their approvals. Although MAS noted that some crypto companies were still operating with an exemption, and waiting to get approved by the authorities.
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder
- BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF
- Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?
- Breaking: U.S. Government Shuts Down After Congress Fails to Pass Funding Bill
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data