Today (Dec. 13) Binance Singapore has unveiled cancelling its application for a license to run crypto services. Binance.sg published a press release, saying the platform will fully stop functioning till February 13.
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In the announcement, the team informed that some functions are already unavailable. No new users can register, users that haven’t passed verification will be halted. Also, it’s not possible to provide depositions.
Buying and selling functions will be available until Jan. 12, 2022. The exchange said users need to plan how to take out their funds from Binance.sg. BAS was among the businesses that applied to the Central Bank of Singapore for a license to provide crypto-related services.
The division will turn into an innovation center. A few days ago, BAS made a large investment in the platform Hg Exchange. In an interview with Bloomberg, Binance CEO mentioned that Singapore is one of the pro-crypto countries and the company isn’t leaving it.
Closing Binance Singapore was the original plan after the recent investment. CZ also talked about regulations, operations of the platform and about Elon Musk’s signing up to Binance US.
Earlier, Binance CEO said on Twitter that gaining a stake in HGX made the application unnecessary.