Binance Discontinues Services In Singapore, Company Establishes Blockchain Innovation Center Instead
JAKARTA – Binance is the largest crypto exchange in the world. Later, the exchange announced that it would discontinue its services for users in Singapore on February 13 next year. In exchange, the company will set up a blockchain innovation center in Singapore.
In recent months, Binance has faced problems from a number of countries including the UK and Canada. The government claims Binance is operating without regulatory permission and they should shut down its services.
Currently Binance.sg operates in Singapore with temporary exceptions. Binance is also reported to have applied for a license to the Monetary Authority of Singapore as well as other companies.
However, on Monday, Binance Singapore said that it is now pursuing a “strategic refocus” on creating a blockchain innovation hub in the island city-state instead. “Binance will explore a number of Singapore-based initiatives, including incubation programs, blockchain education, and further investment opportunities,” the company said.
For Binance platform services, the company said its Singapore branch will no longer accept new registrations and will block users from depositing crypto as well as fiat. However, users can still buy and sell crypto on the platform until January 12, 2022.
“Our decision to close Binance.sg was not taken lightly,” said Richard Teng, CEO of Binance Singapore. “Our immediate priority is to help our users in Singapore transition their ownership to another wallet or other third party service.”
The trading volume of the world's largest crypto exchange reaches an average volume of 2 billion US dollars with more than 1.4 million transactions per second. However, Binance has yet to announce the location for its headquarters. The company is expected to announce it soon.
“Singapore is a dynamic fintech hub and Southeast Asia is an important region for us. We plan to invest further in the region, with Singapore as a technology, research and development hub. This will complement our efforts in other key centres. globally," added Teng.
Responding to Binance's efforts, Singapore's Vice President of Digital Industry Philbert Gomez responded positively and supported Binance to establish a blockchain innovation center in Singapore.
“We welcome Binance's plan to build a blockchain innovation center in Singapore. This will further enhance the research and development of the fast-growing technology here and advance our capabilities in the crypto and token economy,” said Gomez.