Trading platform of crypto giant Binance kaw Singapore

Binance Singapore has revoked its license to operate its cryptocurrency exchange and will close operations in Singapore before February 13.

Binance users will be notified by email of what to do when the platform is down. The company said in an email that registrations, crypto and currency deposits, and transactions on the Binance Singapore platform will be terminated immediately.

Richard Teng, CEO of Binance Singapore, said, “The decision to close Binance Singapore was never approved because we always put our customers first. Singapore users move their assets to another wallet or third party service.

About 170 companies have applied for licenses to provide crypto services from the Monetary Authority of Singapore (MAS), and Binance is one of them. The company operates on a temporary license. Binance said the domestic market will now become the centerpiece of blockchain innovation, and initiatives include blockchain development, education, and investment.

Last week Binance invested in the local currency exchange Hg Exchange. The exchange enabled Binance Singapore to acquire an 18% stake in Singapore-based exchanges that received MAS licensed trading licenses earlier this year. Marketing is all about the rules.

Binance was established in 2017 by Changpeng Zhao and has grown to become the world's largest cryptocurrency exchange by volume. According to the website, even though the company is not headquartered, Binance's core business still has an average daily volume of $ 2 billion and over 1.4 million transactions per second. Changpeng Zhao said Binance has decided on the location of its head office and will announce it soon.