{"id":54542,"date":"2021-12-13T09:41:13","date_gmt":"2021-12-13T07:41:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=54542"},"modified":"2025-09-03T20:59:03","modified_gmt":"2025-09-03T17:59:03","slug":"binance-withdraws-singapore-license-application","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-withdraws-singapore-license-application\/","title":{"rendered":"Binance Withdraws Singapore License Application"},"content":{"rendered":"<p>The cryptocurrency exchange Binance has withdrawn its application to the Monetary Authority of Singapore (MAS) for a licence to operate a local subsidiary. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-13\/binance-singapore-withdraws-application-for-local-crypto-bourse-kx3z16pn\">Bloomberg<\/a> reports, citing the company.<\/p>\n<p>Binance Asia Services is one of roughly 170 asset-linked firms that have sought authorisation from the regulator. In September MAS included the cryptocurrency exchange <a href=\"https:\/\/u1f987.com\/en\/news\/singapore-warns-investors-about-binances-unregulated-activity\">in the &#8216;investor alerts list&#8217;<\/a>, though a representative said that Binance Singapore was at the time operating &#8216;within the scope of the relevant exemption&#8217;.<\/p>\n<p>According to the latest statement, the platform will cease providing services through binance.sg by 13 February 2022. The division will focus on blockchain technology.<\/p>\n<p>According to <a href=\"https:\/\/www.mas.gov.sg\/regulation\/payments\/entities-that-are-no-longer-exempt-pursuant-to-the-ps-esp-r\">the foregoing data<\/a> MAS, about 100 companies have either withdrawn their applications or been refused. Approvals to operate are held by <a href=\"https:\/\/u1f987.com\/en\/news\/dbs-bank-wins-in-principle-approval-in-singapore-to-offer-cryptocurrency-services\">the brokerage arm of DBS Bank, Singapore&#8217;s largest bank<\/a> and the Australian cryptocurrency exchange <a href=\"https:\/\/u1f987.com\/en\/news\/australian-crypto-exchange-independent-reserve-gains-mas-license-in-singapore\">Independent Reserve<\/a>.<\/p>\n<p>In November, regulated MAS financial company <a href=\"https:\/\/u1f987.com\/en\/news\/regulated-singapore-firm-launches-two-bitcoin-funds\">Fintonia Group launched two institutional-grade Bitcoin funds<\/a>.<\/p>\n<p>In December, Binance&#8217;s Singapore subsidiary acquired an 18% stake in Hg Exchange, a locally regulated security-token platform <a href=\"https:\/\/u1f987.com\/en\/news\/binance-acquires-18-stake-in-singapore-based-security-token-platform-hg-exchange\">.<\/p>\n<p>Earlier, the exchange&#8217;s chief executive, Changpeng Zhao, <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-outlines-plans-to-open-binance-headquarters-in-france\">hinted at establishing the company&#8217;s headquarters in France<\/a>. He later added that <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-buys-property-in-dubai-as-media-hint-at-binance-opening-office-in-the-emirate\">the UAE and Singapore<\/a> were among the possible jurisdictions as well.<\/p>\n<p>Follow ForkLog&#8217;s news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange Binance has withdrawn its application to the Monetary Authority of Singapore (MAS) for a licence to operate a local subsidiary. Bloomberg reports, citing the company.<\/p>\n","protected":false},"author":1,"featured_media":54543,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,946],"class_list":["post-54542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-singapore"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=54542"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54542\/revisions"}],"predecessor-version":[{"id":54544,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54542\/revisions\/54544"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/54543"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=54542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=54542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=54542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}