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.