Binance, a very prominent exchange of cryptocurrency, is on the verge of the withdrawal of its application filed for getting a license in Singapore, and it is looking somewhere else for following its pursuit of building a worldwide headquarters, as reported by the Business Times (a news agency in Singapore) which also referred to the anonymous sources having acquaintance with the issue.
The crypto firm is presently operating in Singapore having name BAS (Binance Asia Services) or “Binance.sg,” while being exempted from having a license as the application thereof (for offering the services regarding the payment of digital tokens) is currently under review conducted by the MAS (Monetary Authority of Singapore).
The exemption permits the firms to offer services whereas the license applications thereof are under the process, and a seizure will be implemented on this facility when they will get approved, withdrawn, or else rejected. The withdrawal of Binance Singapore’s license application will signify that the company’s Singaporean Consumers will not be able to trade or purchase the crypto through it legally.
The company has in advance blocked support regarding the trade of the cryptocurrency on the main platform thereof for the citizens of Singapore following the issuance of the Investor Alert List in September by the MAS which contains the name of Binanace.com, specifying that the exchange may have represented to be licensed and certified by MAS.
The withdrawal of Binance Singapore rests on whether the stance of MAS changes, as per the Business Times which noted a source who wanted to be anonymous due to the secrecy of the matter. The company would reportedly decide by 2021’s end, as per the new agency. While answering a comment, a spokesperson from Binance informed that the policy thereof restrains them from commenting over the speculations or rumors. He added that the company will itself declare anything when there is a suitable time.
In 2019, the MAS approved the PS ACT (Payment Services Act) which was implemented in 2020’s January to regulate the industry of the crypto industry particularly due to the concerns related to terrorist financing or money laundering. Up to 170 applications were filed by the service providers for digital tokens’ payment. The regulator approved the licenses of FOMO Pay (a fintech based in Singapore), DBS Vickers (DBS Bank’s brokerage arm), as well as Independent Reserve (an Australia-based exchange of cryptocurrency), and a provider of crypto payments called TripleA.