withdraws MAS licence application, to close in S’pore by Feb 13

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Binance Asia Services (BAS) has withdrawn its application for a license to run a crypto exchange, Bloomberg said.

Its crypto trading platform will wind down operations and close by Feb 13, according to an email statement.

This implies an exit from Singapore from the world’s largest crypto exchange by trading volume, ending years of effort to operate a regulated crypto bourse under the oversight of the Monetary Authority of Singapore.

BAS said it’ll refocus its operations toward the blockchain technology.

In September, MAS ordered Binance’s main crypto exchange to stop its services in Singapore and placed it on the Investor Alert List.

At that time, BAS — a separate entity responsible for crypto exchange platform — had applied for a licence under the Payment Services Act. It was exempted from holding a licence for providing digital payment token services following transitional arrangements under the Act.

Featured Image Credit: Reuters

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