Binance to Withdraw Its Licensing Efforts in Singapore

Binance Asia Services, the Singapore arm of major cryptocurrency exchange Binance, has issued a notice to clients, claiming that it is planning to withdraw its licensing efforts in Singapore and wind down its digital payment token (DPT) services in Singapore by 13 February 2022.

The company further mentioned that no new user registrations will be permitted on Binance.sg and users will not be able to deposit crypto or fiat on Binance.sg. Users may continue to buy and sell crypto using their existing assets until 12 January 2022 but must start to make plans to withdraw their crypto and fiat from Binance.sg.

Buying and selling from existing assets will not be available from 13 January and users can only withdraw their assets and close their accounts by 13 February 2022. The crypto exchange highlighted that all accounts must be closed by 13 February 2022.

“We recommend that you take action as soon as possible before the deadline for account closure (13 February 2022). Please note that BAS will not be held responsible for any losses that result from your failure to withdraw your assets and close your account by 13 February 2022,”the company stated.

Last week, Binance talked with two of Indonesia’s largest companies, PT Bank Central Asia and PT Telkom, to set up a cryptocurrency exchange in the Southeast Asian country​.