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Binance pulls plug on Singapore trading platform

Updated: Sep 2, 2024
Published: Dec 13, 2021
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Binance Singapore has withdrawn its application for a license to operate a cryptocurrency exchange. The trading platform will be closed in the city-state by February 13.

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Users of the platform must close all open positions

In an emailed statement, Binance Asia explained that the Binance.sg platform would cease operations and close by February 13. Users of the platform must close all open positions and withdraw their Singapore dollar and cryptocurrency assets by that date. Crypto and currency deposits and trading on the trading platform will be closed on January 12.

Binance Singapore was among 170 companies that applied to the Monetary Authority of Singapore (MAS) for a license to provide crypto services. The company had been operating under a temporary exemption during the licensing process. The company said its city-state office is now becoming a hub for blockchain innovation, with initiatives that include incubation programs, blockchain education, and investments.

Binance Singapore invested in Hg Exchange

Last week, Binance Singapore invested in Hg Exchange (HGX), a regional private securities exchange. The deal gave Binance Singapore an 18% stake in the Singaporean exchange, which received a license as a recognized market operator from MAS earlier this year. Analysts believed that the acquisition would help Binance with regulatory hurdles.

This is not the first time a trading platform in Singapore has had to shut down. In September this year, the MAS ordered Binance, another company that runs another cryptocurrency exchange Binance.com, to stop offering payment services to users in Singapore.

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