(Binance Singapore) Binance has announced that it will cease to operate its trading platform in Singapore on February 13 also indicating it has withdrawn an application for a crypto exchange in the country.
Binance says that crypto and currency deposits, as well as trading for Singapore users, will be closed immediately.
The exchange’s Singapore users will be notified through email about the steps the exchange is taking in preparation for the planned cease of operations.
Binance CEO Changpeng Zhao says the decision to quit Singapore relates to its investment in Hg Exchange, a regional private securities exchange. Binance Singapore holds an 18% stake after the deal, which is still subject to legal approvals.
Binance has been under a temporary exemption in its Singapore operations. The exchange was among about 170 companies that had applied for a crypto services license in the country.
BNBUSD is down -3.63%.
