Binance.sg, the Singapore-based affiliate of Binance.sg, has withdrawn its request for a Crypto Permit from the Monetary Authority of Singapore. This license allows Binance.sg to conduct business in Southeast Asia.

It was one of 170 applicants for the MAS license that allows them to provide cryptocurrency services in Singapore. Binance was granted a temporary exemption to allow it to continue operating during licensing.

BANCING: Growing regulatory pressure

After almost a year of waiting for the MAS license, on Monday, December 13th, the world’s largest crypto exchange announced that it was calling it quits, and had withdrawn its application to operate a digital payment token (DPT) service in Singapore.

The exchange reportedly pulled the plug on its crypto ambitions after it was unable to reach an agreement with Singapore’s financial regulators. Instead of continuing with the launch of its cryptocurrency exchange in Singapore, the exchange said it would be closing down all crypto services within the country by February 13, 2022.

Binance.sg revealed that customers have until January 12th, 2018 to purchase and sell existing assets. Registrations, cryptocurrency, currency deposits and trading are all closed right away. All accounts that are hosted on the platform must be shut down by 13 February 2022.

The Flipside

• Binance will remain in the country despite having abandoned its crypto exchange. Binance was launched in Singapore in 2019 and has not been seen since..
• The exchange opened earlier in the month. Invested in Singapore-based Hg ExchangeAn 18% stake was acquired.