In Brief:
- As per reports, Binance might “withdraw” its license application in Singapore.
- The license application is still being reviewed by MAS.
As per reports by Business Times, cryptocurrency exchange Binance might withdraw its license application in Singapore and consider other alternatives for its global headquarters.
This report comes in while its license application is still under review by the Monetary Authority of Singapore (MAS).
Depending on whether the regulator’s policy changes, the decision to withdraw would be made public.
Singapore users will no longer be legally allowed to buy and trade cryptocurrencies through both Binance Singapore and Binance.com in case its local officials steps back.
Just yesterday, Binance’s chief executive and co-founder Changpeng “CZ” Zhao declined to comment on the future of its local unit’s licence application, only disclosing that it was still “in the process”.
Interestingly, Binance has been struggling to get a green signal from regulatory bodies after it had to pull out its initial headquarters. This led to Binance considering Ireland as its first choice for headquarter which was later on dropped with the announcement of its plan to Relocate Headquarter in France by Next Year.
