Binance.sg is an exchange of ownership of Binance. This exchange is explicitly aimed at Singapore users. Binance.sg is regulated by Binance Asia Services Pte Ltd (BAS). However, the company has no intention of continuing to add the licenses required in the host country.
By not providing the required licenses, Binance was forced to stop its operations. This includes the exchange Binance.sg. This does not affect the company’s operations globally and other exchanges.
For example, it is Binance.com. BAS will close all digital payment token services (“DPT”) by February 13, 2022.
From Monday 13 December, the new recording function will be closed on Binance.sg. All user accounts that have not passed KYC will be suspended and cannot be recharged. Exchanges can still operate until January 12, 2022.
Users can still withdraw funds, but only until February 13, 2022. Therefore Binance will advise users to withdraw from Binance.sg before this time. And all user accounts on Binance.sg will be permanently closed starting February 13, 2022. Binance also advises users to make withdrawals as soon as possible. Investors should not wait for the February 13 deadline. They also state that BAS is not responsible for any losses if users fail to withdraw funds after February 13, 2022.
Binance will not leave Singapore permanently
However, Changpeng CZ Zhao, founder and CEO of Binance, indicated that the company will not leave Singapore permanently. Binance also announced that it holds an 18% stake in Singapore-based Hg Exchange (HGX), subject to regulatory approval. HGX is a blockchain-based private equity exchange. It was founded by financial institutions such as PhillipCapital, PrimePartners and Fundnel.
CZ also previously revealed that Binance is making some significant changes in its organizational structure and products. At the same time, the company will also change its internal processes and the way it works with regulators. The company is creating the right physical offices, legal entities, board of directors and governance structure. In this way, they will be able to solve many of the problems that have been encountered recently with regulators.
