Binance Singapore has dropped a license application to run a crypto exchange and would close its trading platform in the Southeast Asian country by February 13.
The world-largest crypto exchange says that Singapore users would get communication via email on their next steps following the decision.
New registrations, cryptocurrency and fiat deposits, and all trading services would be suspended immediately.
The exchange’s Chief Executive Officer in charge of Singapore, Richard Teng, notes that the decision was arrived at with the customers in mind. He adds that the company is committed to helping users move their assets to third-party service providers.
The company would convert its operations in Singapore to a blockchain innovation center with incubation programs, investments, and education.
Binance Singapore had applied for a crypto service license from the Monetary Authority of Singapore alongside other 170 companies. The exchange was operating under a temporary exemption pending the regulator’s decision.