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Binance Withdraws from the Cryptocurrency Market in Singapore

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It is reported that Binance plans to try again to obtain the license to provide cryptocurrency services in Singapore, from retail customers to enterprise custo…

Binance Withdraws from the Cryptocurrency Market in Singapore

It is reported that Binance plans to try again to obtain the license to provide cryptocurrency services in Singapore, from retail customers to enterprise customer services. According to the senior executives of the department, its custody department will be asked to apply for permission to provide such services “at the appropriate time”.

Coin security is seeking to obtain the Singapore cryptocurrency service license

Interpretation of the news:


Binance, one of the largest cryptocurrency exchanges, has been denied the license to provide cryptocurrency services in Singapore. The company was planning to offer cryptocurrency services to retail and enterprise customers, but it was not successful in obtaining permission to do so from the local authorities. According to the senior executives of the department, the custody department will be asked to apply for permission to provide such services “at the appropriate time.”

The reason for the denial is unclear, but it might be because of the Singaporean government’s regulations on cryptocurrencies. The government has been cautious about cryptocurrency trading and has implemented strict rules to prevent money laundering and terrorist financing. In July 2020, the Monetary Authority of Singapore (MAS) announced that it would regulate cryptocurrency firms dealing with Singaporean customers under its Payment Services Act. The act requires cryptocurrency firms to register with MAS and follow the Anti-Money Laundering and Countering the Financing of Terrorism measures.

Binance is not the only cryptocurrency exchange to face regulatory hurdles in Singapore. In early 2021, two cryptocurrency exchanges, BitMEX and Huobi, withdrew from the Singaporean market. The authorities accused them of providing services to customers outside of Singapore without a license.

The denial of the license by Singaporean authorities is a big blow to Binance’s global expansion plans. It is expected that Binance will now focus on countries with lenient regulations and try to establish itself there. According to recent reports, Binance is planning to establish a new headquarters in Malta, where it can operate under lenient cryptocurrency regulations.

In conclusion, Binance’s failure to obtain permission to provide cryptocurrency services in Singapore is an indication of the challenging regulatory landscape of the cryptocurrency industry. The government’s regulations are meant to protect investors and prevent illegal activities, but they may hinder the growth of the industry. Binance’s focus on Malta shows that cryptocurrency exchanges are looking for countries with a more favorable regulatory environment to do business.

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