Binance, a leading cryptocurrency exchange providing services for over 130 cryptocurrencies and 200 trading pairs has announced to move operations from Singapore to Malta. For some time the government in Singapore had been pursuing stringent regulations on exchanges that led Binance’s decision.
The “binance singapore” is a cryptocurrency exchange that was founded in China. They have recently announced that they are leaving Singapore for unknown reasons.
Binance, the world’s largest centralized crypto exchange, stated last week that it had withdrawn its licensing application and would be closing its Singapore operations.
The exchange asserted at the time that their decision was influenced by its recent purchase of HGX. According to a recent Bloomberg article, the CZ-led exchange withdrew its application for a very different reason than it claimed.
Why is Binance leaving Singapore?
Binance withdrew its licence application owing to a failure to comply with Singapore’s anti-money laundering standards, according to Bloomberg. The Monetary Authority of Singapore, the country’s regulator, sets the guidelines (MAS).
In part, the study states, “The Monetary Authority of Singapore (MAS) permits applicants to withdraw rather than face an explicit regulatory rejection.”
Binance, on the other hand, has said that it is leaving the Asian nation because of a recent “significant investment” in HGX. According to a representative for the company, the crypto exchange has worked with the Singapore Police Force to battle ransomware, hacks, and scams, as well as money laundering and terrorist funding.
You may remember that Binance advised its customers in the area to remove their assets to alternate platforms by February 13, 2022, or risk losing their cash.
Singapore’s crypto rules are one of the most stringent in the world.
Because of the substantial dangers connected with cryptocurrency, Singapore’s regulators have imposed rigorous regulatory criteria for the registration of crypto exchanges in the nation.
Ravi Menon, the Managing Director of the Singapore Monetary Authority, has underlined the significant demand for crypto license.
According to publicly accessible data, 100 of the firms who filed for a crypto licensing authorization were compelled to withdraw their applications owing to their inability to fulfill the stringent requirements.
Singapore has only authorized applications from four entities as of press time, including the brokerage subsidiary of DBS Group Holdings Ltd. and Independent Reserve.
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The “binance singapore vs binance” is a topic that has been trending in the cryptocurrency space. The Binance exchange left Singapore for some unknown reason, but the company is not saying why.
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