Recently, the world’s biggest cryptocurrency exchange affiliated with Singapore, Binance Asia Services Ltd., has drawn out its application to hasten asset management across the city. With this, it has ended up the effort that was initiated last year to get approval from the authorities of Singapore.
In addition, in an email, Binance Asia stated that the operations of Binance. sg, the renowned fiat-to-crypto trading platform, will slow down and come to an end by the 13th of February, 2021. Among around 170 firms, this company has also applied for the approval from Monetary Authority of Singapore to impart several cryptocurrency services.
Furthermore, the prediction of becoming a Southeast Asian city as the global headquarters for Binance, the company founded by Mr. Changpeng Zhao, and making a withdrawal from Singapore has ended with this move.
Moreover, the chief executive officer of the Singapore Entity of Binance, Mr. Richard Teng, said that “We always used to set our users first, so the decision of closing Binance. sg was not taken in hurry or in a lighter manner.” He also added that” I am extremely obliged to the Monetary Authority of Singapore for continuing its reinforcement to Binance Asia Services and we are looking ahead for the upcoming opportunities to excel together.”
The company, Binance Asia has said that” This decision of dropping down Singapore application is to bring strategic development and commercial improvement worldwide.”
Binance Holdings Ltd., which was founded in 2107 in China, has not made a global base so far rather, Mr. Zhao has integrated ventures mostly in locations where Binance used to function. From the past two years, Mr. Zhao who is having Canadian citizenship has taken steps to make his base in places such as Europe, some middle-east countries to offer pro-crypto options in addition to Singapore.
With this move of Binance, many cryptocurrencies have experienced a further decline. The world’s renowned cryptocurrency, Bitcoin has fallen to near about 3% that is a mere $48,484, and the second popular cryptocurrency, Ether has dropped to 4.1%.
Further, co-chairman of Singapore’s Blockchain Association, Mr. Chia Hock Lai stated that “All cryptocurrencies activities are not monitored. Many leading crypto market players ponder many regulated and unregulated organizations to enhance their revenue and partnerships model across various administrations.”
The step taken by Binance to drop down the exchange application of Singapore is going to raise questions about the future performance and operation of Teng, a former leading regulator who has recently joined the Singapore entity in August.