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Binance dropping Crypto License Plans in Singapore

After its plans to acquire a crypto license in Singapore, Binance plans to withdraw its application. Besides this, the global crypto exchange plans to expel local users before 13th February.

Previously, Binance Asia Services (BAS), the exchange’s local affiliate, had applied for a Digital Payment Token License in Singapore. Besides them, 170 crypto firms had applied for the following license allowing them to offer digital assets services to local users.

Other than that, firms could offer crypto services as long as their license application is under review. However, Binance had stated its plans to withdraw its application.

Doing so, the crypto exchange will stop offering crypto services via its local website. Binance will do so before 13th February. Also, Binance will shut down all its operations and existing accounts in that region.

According to a statement emailed to Coindesk, BAS will divert its focus on technology, research, and development.

As of now, Binance has stopped accepting any new users. Also, existing users cannot deposit any assets on the exchange. However, they can continue trading in crypto until 12th January.

Post that, users can only withdraw crypto and fiat assets to third-party platforms.

According to the Monetary Authority of Singapore, they’ve only granted four crypto exchanges for operating their crypto services till now. Looking at Binance, they are in the process of setting up their entity for its global headquarters. In November, the crypto exchange’s founder, CZ had stated about this, detailing having a centralized location to avoid regulatory tussles.

On the other hand, the U.S. arm of Binance is preparing for an IPO.

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