Binance’s Singapore entity plans to withdraw its application for a crypto license in the city-state, and will expel local users by Feb. 13, 2022, the exchange said on Monday.
Binance Asia Services (BAS), the exchange’s local affiliate, is one of approximately 170 crypto firms that had applied for a Digital Payment Token License in Singapore, which would allow them to offer digital assets services to local users. Firms are allowed to offer crypto services as long as their license application is under review.
Binance will stop offering services through its local site, Binance.sg, by Feb. 13, 2022, closing all existing accounts. Users have to close their positions by that date.
BAS will refocus its operations to be a technology, research and development center, according to a statement emailed to CoinDesk.
Effective immediately, Binance Singapore will not accept any new users, and will not allow existing users to deposit assets on the exchange. Users can continue trading in crypto until Jan. 12, 2022. After that, they will only be able to withdraw crypto and fiat assets to third-party platforms, until Feb. 13.
Around 100 of the applicants have either withdrawn their filings or been rejected, according to the Monetary Authority of Singapore, while only four licenses have been granted.
Binance has already set up an entity for its global headquarters, CZ said in November, after years of working on a decentralized model, while its U.S. arm is preparing for an IPO.
Crypto exchange Huobi has tapped Singapore for its Asia headquarters.