Binance Asia Services, Ltd, the leading Singapore affiliate of one of the largest cryptocurrency exchange plans, is currently planning to shut down its services in Singapore by February 13, 2022, Monday. Users can no longer deposit cryptocurrencies or fiat via the Binance platform. The Monetary Authority of Singapore (MAS) has currently halted its services with a digital payment token services licence.
They have also stated that Binance will no longer be responsible for the assets of the existing users after February 13. Thus, users are advised to make alternative plans immediately to reduce the hassle. According to Binance, accounts that have not passed the KYC verification will be suspended too.
However, users can still buy and sell cryptos using Bitcoin Evolution application until January 12, 2022. Post this deadline, Binance users will be prohibited from buying or selling their currencies. Users can withdraw or move their existing assets to third-party platforms or other crypto wallets within January 13. No user will be able to withdraw or move their assets after this deadline. All the locked currencies will be held in an escrow account which will be transferred later to their StraitsX Personal account as per their latest announcement.
Additionally, they have stated that they are not responsible for any losses that may result from the failure of not withdrawing the assets within February 13.
As per the CEO of Binance, Changpeng Zhao, this exchange will still be present in the Singapore market. However, this shift results from the recent acquisition of the Singapore-regulated private securities exchange Hg Exchange(HGX). HGX was recently approved for a recognized market operator licence from the MAS.
Binance is readily looking for better alternatives for setting up streamlined local crypto exchanges within Singapore again despite the hurdles. They have reportedly connected with Indonesia’s richest family, the Hartonos, to launch a new exchange service that is also predicted to expand to the UK within the upcoming 18 months, irrespective of the regulatory hindrance.