Binance to shut down Singapore operations by February 2022

Binance.sg will wind down its operations in Singapore and cease operations by Feb. 13, 2022, after its operator, Binance Asia Services, withdrew its application to operate a regulated cryptocurrency exchange in the city-state, CNA reported Dec. 13, citing Binance.sg CEO Richard Teng.

Binance made the decision after taking into account strategic, commercial and developmental considerations globally, CNA wrote, citing a Binance news release. Registrations, cryptocurrency and currency deposits, as well as trading on Binance.sg will be closed, with immediate effect.

Binance Asia Services will refocus its Singapore operations into a blockchain innovation hub to help develop the global blockchain ecosystem.