Crypto Exchange Binance to Wind Up Singapore Operations By Feb 2022

Bhushan Akolkar
December 13, 2021 Updated December 16, 2021
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The world’s largest cryptocurrency exchange Binance is all set to withdraw its operations from Singapore. In the latest, Binance Asia Services Ltd., the Singapore entity of the crypto exchange said that it has withdrawn its application to get a license for running a crypto exchange.

With this, Binance shall no longer be pursuing additional efforts to operate a regulated crypto exchange under the regulatory oversight of the Monetary Authority of Singapore (MAS). Binance.sg, the fiat to crypto trading platform shall wind up operations by February 2022, the exchange told Bloomberg.

Well, the decision also ends the long-going speculation of Singapore emerging as the global headquarters for Binance. The company further noted that the decision comes taking into account the “strategic, commercial and developmental considerations globally”. Richard Teng, chief executive officer of the Singapore entity said:

“We always put our users first, so our decision to close Binance.sg was not taken lightly. I am grateful to the Monetary Authority of Singapore for its ongoing assistance to Binance Asia Services and we look forward to future opportunities to work together.”

Rather, Binance Asia noted that it will refocus its operations towards blockchain technology. Interestingly, the decision of Singapore exit comes just in a week’s time of Binance acquiring an 18% stake in Singapore-based Hg crypto exchange.

Binance’s Global Plans

Having received a lot of regulatory flak this year, Binance seems to be streamlining its global operations. The fact that the crypto exchange doesn’t have a global headquarter has irked investors worldwide.

During his latest interview, Binance CEO Changepeng Zhao stated that they are working to build back their U.K business. “We’re fully re-engaged there. We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators. We want to continue to establish a presence in the UK and serve UK users in a fully licensed and fully compliant manner,” he said.

Zhao, who has been based in Singapore for the last two years, is sending mixed signals on where Binance plans to move finally – Europe or the Middle East.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.