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Binance Singapore Drops License Plans, Suspends Key Services Immediately

Binance Asia Services (BAS), the operator of its Singapore entity, announced that it intends to withdraw its licensing efforts in Singapore.

The firm said in a statement that the “decision has not been made lightly”.

BAS will be winding down its digital payment token (DPT) services in Singapore by 13 February 2022 and will no longer be taking on new users.

With immediate effect, users will not be able to deposit crypto or fiat on Binance.sg.

They may continue to buy and sell crypto using their existing assets until 12 January 2022.

However, the company stressed that users must start to make plans to withdraw their crypto and fiat from the platform.

In August, Binance had appointed Richard Teng as as its Chief Executive Officer in a bid to untangle its rising regulatory issues.

Not long after the appointment, MAS placed Binance.com on its investor alert list, prompting the entity to announce that it will stop offering SGD trading pairs and payment options.

The firm had been waiting on the sidelines as the Monetary Authority of Singapore awarded three full licenses to Australian cryptocurrency exchange Independent Reserve, DBS Bank’s brokerage arm DBS Vickers, and QR code payment solution provider FOMO Pay.

More recently, Singaporean cryptocurrency platform Coinhako was issued an in-principle approval as well.

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