Binance withdrew its license

Cryptocurrency exchange Binance withdrew its application to the Monetary Authority of Singapore (MAS) for a license for the local branch. It was reported by Bloomberg, citing the company.

Binance Asia Services is one of about 170 digital-asset-related firms that have applied for a permit from the regulator. In September, MAS placed the cryptocurrency exchange on an “investor warning list,” but its spokesperson noted that Binance Singapore was operating “under an appropriate exemption” at the time.

According to the latest announcement, the platform will stop providing services through by Feb. 13, 2022. The division will focus on blockchain technology.

Fintonia Group launched two institutional-level bitcoin funds

According to MAS, about 100 companies have either withdrawn their applications or been rejected. The brokerage unit of Singapore’s largest bank, DBS Bank, and the Australian cryptocurrency exchange Independent Reserve are approved to operate.

In November, MAS-regulated financial company Fintonia Group launched two institutional-level bitcoin funds.

Recall that in December, Binance’s Singapore subsidiary became the owner of an 18% stake in local regulated security-token platform Hg Exchange.

Prior to that, the CEO of the exchange, Changpeng Zhao, allowed the opening of the company’s headquarters in France. He later added that the UAE and Singapore were also being considered as possible jurisdictions.

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Arsen Islamov
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