Binance.sg (defunct)

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Binance Asia Services withdraws MAS licence application [13 Dec 2021]

  • With immediate effect, registrations, cryptocurrency and currency deposits and trading on Binance.sg will be closed
  • Binance.sg will wind down operations and close by 13 Feb 2022
  • Users of the platform must close all open positions and withdraw their Singapore dollar and cryptocurrency assets by that date
  • Binance will refocus its Binance Asia Services operations in Singapore into a blockchain innovation hub to help develop the global blockchain ecosystem

Company

Binance.sg is solely focused on servicing users in Singapore and constantly evaluates its product and service offerings to remain compliant.

Binance.sg operates independently and separate from Binance.com. For the avoidance of doubt, accounts created on the Binance.sg are not transferable and are not otherwise connected in any way to accounts on Binance.com.

Major developments

  • Binance Asia Services has acquired a 18% post-money stake in a local private securities exchange, Hg Exchange (HGX). [7 Dec 2021]
    • HGX is licensed (Recognised Market Operator licence) and regulated by the Monetary Authority of Singapore.
    • HGX is founded by financial institutions such as wealth management firm PhillipCapital, local financial services group PrimePartners and Fundnel.
    • The exchange reportedly uses the Zilliqa blockchain.

Presence in Singapore

  • Entity: Binance Asia Services Pte. Ltd. (UEN: 201811768M)
  • Location: 1 Wallich Street #09-03 Guoco Tower Singapore 078881

Regulation by Monetary Authority of Singapore (MAS)

“Binance Singapore has applied for a licence with the Monetary Authority of Singapore. We currently operate under the relevant exemption granted by the MAS and are fully committed to working closely with the MAS to comply with all requisite standards for licence approval.”

Currently exempted from holding a licence under the transitional arrangements in the Payment Services (PS) Act.

❌ Drawbacks

Limited cryptocurrencies supported

As of Oct 2021, only 8 types of cryptocurrencies are supported on the platform.