Binance Scraps Singapore Operations

Brief:

  • Binance is closing its branch in Singapore
  • New users can no longer register on the portal
  • 13 February accounts with asset balances will be blocked

On Monday, 12 December, Binance CEO announced his withdrawal from the Singapore market. Users have the option to withdraw their assets from the portal to 18 February 2022.

According to Changpeng Zhao, the company is winding down due to the purchase of 13% of Hg Exchange (HGX) shares. This private stock exchange is licensed by the Monetary Authority of Singapore (MAS).

This makes the licensed app from Binance “redundant,” as Zhao himself put it. However, the company will not close all accounts at once.

Changes in internal policy take effect from today, 13 December. From this moment on the Binance.sg portal closes the registration of new users.

Before 12 in January, clients of the exchange will be able to carry out transactions with both cryptocurrency and fiat currency. But at the same time, all accounts must be closed before …

After that, cryptocurrency balances on private wallets will be blocked. As for the rest of the assets, they will be automatically transferred to the user’s StraitsX account.

The representative of Binance Singapore branch urged all users to withdraw their funds from the site in a timely manner. Upon the expiration of the deadline, the company disclaims responsibility for them.

Read also: Binance crypto exchange intends to “do whatever it takes” to stay in the UK market. This follows from the statement of the CEO of the company.

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