Previously the largest crypto trading exchange, Binance had submitted an application to provide legal services in Singapore. However, after a period of time, Binance has not yet received approval and it is likely that they will not continue operations in Singapore. Binance is reportedly planning to expand its business in other countries.
Based on the report, Binance has given an initial indication that they have plans to withdraw the application against the Singapore Monetary Authority (MAS). Furthermore, the withdrawal will depend on whether the regulators consider changing their stance or not. Binance is expected to announce its final results by next year.
On the other hand, Binance CEO Changpeng Zhao declined to comment on the status of license applications for Binance’s operations in Singapore. Zhao only said that it was still in the process and said Binance would allow operations in the crypto -friendly country.
Despite the exchange’s recent decision to become a regulator-tolerant and more centralized company. Binance does not intend to submit entirely to irrational regulatory restrictions. CZ argues that risk reduction is important for consumer protection yet it must be handled by those who are friendly to crypto developments as it will encourage innovative and economic growth.
The Singapore authorities have so far taken a pro-crypto approach while maintaining surveillance. However, the state still needs to approve the crypto exchange giant’s application to allow Binance to provide services legally in the area.
Last month, Binance and Coinbase were still struggling to get approval, waima at the same time there were reports that MAS had revealed that half of the companies applying for permits had already got approval.
