🔴 Binance Singapore announced it will be shutting down and closing on February 13, 2022.

🔹 Bloomberg reported, Binance Asia Services, the Singapore-based company of Binance exchange founder Changpeng Zhao, has withdrawn its application for a license to operate a cryptocurrency exchange. Accordingly, Binance will stop operating an electronic exchange under the management of the Monetary Authority of Singapore (MAS).

🔹 Mr. Zhao, who has been based in Singapore for the past two years, has given mixed signals on where he will be headquartered. Europe and the Middle East could be alternatives. Last month, the 44-year-old said he bought his first home in Dubai to demonstrate his regulatory commitment to the region he describes as “very pro-crypto” along with France. Speaking to the Telegraph, Mr. Zhao also said that Binance is rolling out plans to re-register in the UK.

🔹 Founded in China in 2017, until now, Binance Holdings has not established a global headquarters. Instead, Mr. Zhao consolidated the companies in the locations where Binance operates.

✔️ CONCLUSION:

👉 Binance Asia took into account strategic, commercial and global considerations in its decision to withdraw from Singapore.

👉 Binance's withdrawal from the Singapore market could end speculations that Singapore will become the global hub of the crypto exchange.

<Source: Telegraph, CryptoKimKoi >