Singapore, which is frequently on the agenda with its regulations on cryptocurrencies, wants to frame them instead of opposing cryptocurrencies. Singapore, which wants to be one of the leading countries in cryptocurrencies, requires companies that want to offer crypto money services to local investors to have a ‘Digital Payment Token License’ document.
Although more than 170 crypto companies have applied for this document in Singapore to date, Singapore does not make the approval process very forgivable. 100 of the companies that applied were either rejected or withdrawn their applications. In Singapore, which has licensed only 4 companies so far, important news has also come from Binance, the world’s largest stock exchange.
Binance is withdrawing its Singapore local exchange:
Binance, which applied under Binance Asia Services to obtain the same license for the local cryptocurrency exchange in Singapore, announced that it would withdraw its application, thus giving up its local exchange. Binance. The local Singapore stock exchange with the sg extension will cease to operate as of February 13, 2022, closing all opened accounts. By this date, users will be asked to close all their positions. Creating new accounts will also not be allowed from today.
Last September, the Monetary Authority of Singapore ordered Binance to stop all crypto transfers, making them from local exchange Binance Singapore. The regulator warned investors about Binance, stating that the platform might be breaking local laws. Singapore, one of the biggest players in the crypto money world (the largest crypto investment country according to recent research), was also extremely important for Binance.
Binance CEO, CZ, made a statement about their withdrawal from Singapore, reminding them of their Hg Exchange investments, of which they bought 18% last week. The CEO explained that with this investment in the stock market, which has already been approved by Singapore, their application has become meaningless. He also expressed that they will continue to work with partners to grow the crypto industry in Singapore.
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