Binance Singapore withdraws crypto license application

Binance intends to “wind down” all services in Singapore by February. 13, 2022. Users aren’t permitted to deposit cryptocurrencies or fiat around the Binance. sg platform.

Crypto exchange Binance has withdrawn its license application for going after digital payment token (DPT) services in Singapore. Beginning today, Binance. sg has stopped onboarding new users and won’t allow Singaporeans to deposit cryptocurrencies or fiat around the exchange.

By February 13, 2022, Binance intends to “wind down” all services that report coping with cryptocurrency tokens. However, the exchange announced to consider no responsibility for that users’ assets following the self-determined deadline:

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“With immediate effect, users must start making intends to withdraw their crypto and fiat from Binance. sg. Accounts of users who’ve not passed KYC are going to be suspended.”

Binance Singapore users are presently permitted to purchase and sell crypto utilizing their existing assets until Jan. 12, 2022. Beginning Jan. 13, Binance. sg users are going to be barred from exchanging crypto. In this phase:

“Users are only able to withdraw and move their crypto to 3rd-party platforms or crypto wallets and/or withdraw their SGD. All accounts should be closed by 13 Feb 2022.”

Binance intends to make further plans to produce users’ assets upon the official request towards the company’s customer support.

Following a final date, Binance won’t allow any Singapore users to shut positions or withdraw crypto assets. “The locked crypto assets are going to be locked in an escrow account as well as your fiat assets is going to be used in your StraitsX Personal Account,” the announcement read.

“We suggest that you are taking action as quickly as possible before the deadline for account closure (13 Feb 2022). Please be aware that BAS won’t be held accountable for just about any losses that derive from your failure to withdraw your assets and shut your bank account by 13 Feb 2022.”

Binance hasn’t yet taken care of immediately Cointelegraph’s request comment.

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Related: Binance apparently foretells launch crypto exchange in Indonesia

Regardless of the ongoing regulatory scrutiny, Binance is constantly on the explore new jurisdictions for establishing localized crypto exchanges.

Binance is apparently in talks with Indonesia’s wealthiest family, the Hartonos, for launching an exchange service. Based on a Bloomberg report, Binance may soon finalize a crypto venture with Hartonos-controlled PT Bank Central Asia (BCA).

If approved, the brand new BCA partnership allows the launch of the second crypto venture for Binance in Indonesia. The crypto exchange can also be intended to expand towards the Uk within the next six to 18 several weeks among regulatory resistance.