As the crypto community has already known before that the largest crypto trading exchange Binance in the world in general has made an announcement to continue to position their presence in Asia by setting up a blockchain innovation hub in Singapore.
Previously, the company had given full cooperation by submitting an application for an operating license in Singapore. However, today, Binance announced to withdraw its application and Binance.sg will close its operations on 13 February 2022, as all accounts will be closed on that date.
In other words on that date, the entity will no longer allow the registration of new users, while accounts that have not yet passed KYC will be suspended. Customers can continue to buy and sell bitcoin and altcoin using their existing assets until January 12, 2022.
At the same time, users must close their accounts on that date. After that date, they no longer have access to their holdings.
The announcement has provoked various reactions among market players with some expressing regret that often the regulatory process has made it difficult for industry players to operate officially. Besides that the big question that arises is is this the end of Binance’s role in Singapore?
It should be noted that Binance is targeting to establish a blockchain center in Singapore through Binance Asia Services (BAS). The move is expected to enhance the global crypto ecosystem. In line with its mission, Binance will explore various Singapore -based initiatives, such as blockchain education, incubation programs and further investment opportunities.
Philbert Gomez, Vice President of Digital Industry Singapore (DISG) - commented:
"We look forward to working with Binance to develop a blockchain ecosystem that will benefit Singaporeans and Singapore -based companies to create world -class innovations for the region and globally."
This is nothing new, Binance has launched a similar initiative in Europe. In November, it merged with France Fintech and created a $ 116 million blockchain project.
In addition, Binance has taken the first step by investing in Singapore-based Hg Exchange, acquiring an 18% stake in the company. With the decision to close operations, Binance Singapore users will receive emails as well as further instructions that users need to do.
