Binance to Set up Blockchain Hub in Singapore but Withdraws Local Exchange Application

The world’s largest digital asset trading venue – Binance – considers doubling its presence in Asia by setting up a blockchain innovation hub in Singapore.

On the other hand, the company intends to withdraw its application for a crypto-exchange license in the city-state. Binance.sg will shut down its operations on February 13, 2022, as all accounts will be closed by that date.

Binance Blockchain Hub in Singapore

According to a statement seen by CryptoPotato, the cryptocurrency firm aims to create a blockchain center in Singapore through its Binance Asia Services (BAS). The move is expected to boost the global crypto ecosystem. In line with its mission, Binance will explore a variety of Singapore-based initiatives, such as blockchain education, incubation programs, and further investment opportunities.

Philbert Gomez – Vice President of Digital Industry Singapore (DISG) – commented:

“We look forward to working with Binance to develop a vibrant blockchain ecosystem that will benefit Singaporeans and Singapore-based companies to create world-class innovation for the region and globally.”

Not long ago, Binance launched a similar initiative in Europe. In November, it joined forces with France Fintech and created a $116 million blockchain project on the Old Continent.

The enterprise came under the name of “Objective Moon,” and it was focused on the following key points: establishing a Binance Research and Development hub in France and designing a Decentralized Ledger Technology (DLT) accelerator. Additionally, the project had to set up a new online Education Programme that will look for talented people in the crypto space.

Binance Singapore to Expel Local Users

Separately, Binance also said in the announcement that it plans to withdraw its application to the Monetary Authority of Singapore (MAS) for a license to operate a regulated cryptocurrency exchange in the country. As a result, Binance.sg will shut down by February 13, 2022.

As of today (December 13), the entity will no longer allow new user registrations, while accounts that have not passed KYC will be suspended. Customers can continue buying and selling bitcoin and altcoins by employing their existing assets until January 12, 2022.

February 13, 2022, is the deadline by which users must close their accounts. After that date, they will no longer have access to their holdings. Richard Teng – Chief Executive Officer of Binance Singapore – explained:

“We always put our users first, so our decision to close Binance.sg was not taken lightly. Our immediate priority is to help our users in Singapore transition their holdings to other wallets or other third-party services.”