winds down its services ends services in Singapore due to regulatory compliance

On December 13, large cryptocurrency exchange platform announced that it will ‘wind down’ its digital payment token (DPT) services in Singapore effective immediately through its official local website. In the same post, they mentioned how Binance Asia Services Pte Ltd. (BAS) plans to withdraw its application for a license with the Monetary Authority of Singapore (MAS).

The exchange also pointed out that as of December 13, 2021, certain timelines will be in place. This includes not allowing any new users to register on their site and existing users who have not passed the Know Your Customer (KYC) will have their accounts suspended. Moreover, users will not be able to deposit cryptocurrency or fiat on anymore.

However, they are allowed to ‘buy and sell crypto using their existing assets until January 12, 2022’, according to Binance. The company then encourages users to start withdrawing their cryptocurrency and fiat from as soon as possible.

From January 13, 2022, will no longer allow its users to buy and sell crypto from their existing assets. They can only ‘withdraw and move their crypto to third-party wallets’ until February 13, 2022, when all accounts in the exchange will be closed permanently.

After the set deadline, the company will no longer let users withdraw their assets and access their accounts. As said in their statement, ‘crypto assets will be held in an escrow account and fiat assets will be transferred to StraitsX Personal Account’.

According to Binance Singapore, users who want to recover their funds after the site closes will need to contact their customer service at [email protected] to make necessary arrangements. However, this comes with certain fees like the ‘maintenance fee of 5% for the remaining crypto-asset balance per month and a one-time administrative fee of 20% of the remaining crypto asset to be transferred for this service.’

Although withdrew its license application, it will still have a presence in the Singapore market as read in a report by crypto news site Cointelegraph. Chief Executive Officer of Binance Changpeng Zhao clarified on Twitter last December 13 that this recent announcement is connected with the recent deal with the Singapore-based private securities exchange Hg Exchange (HGX). They announced through a press release last December 7 that they have made an 18% post-money stake on the HGX.

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