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Binance has announced that it will be pulling out of the Singaporean market by February next year. The move came just days after the crypto exchange chose the island nation as its regional headquarter for the Southeast Asia region.
Binance Singapore announced that it will be shutting down its operations in Singapore by February 13, 2022. The crypto exchange has withdrawn its application for a license from the Monetary Authority of Singapore (MAS).
“We are writing to you today to inform you that Binance Asia Services Pte Ltd (BAS) intends to withdraw its licensing efforts in Singapore and wind down its digital payment token (“DPT”) services in Singapore by 13 February 2022,” Binance said in a blog post on December 13. “The decision has not been made lightly, and we apologize in advance for any inconvenience this may cause.”
Effective immediately, Binance.sg will no longer accept new users. Meanwhile, the crypto exchange has suspended the accounts of existing users who have not passed KYC requirements.
Binance.sg will no longer accept additional fiat or crypto deposits to existing accounts. However, “users may continue to buy and sell crypto using their existing assets until 12 January 2022,” the company explained but suggested that users must already make plans to withdraw their assets from the platform.
While Singaporean users will be able to continue buying and selling crypto using existing assets at the moment, the service will be discontinued starting January 13, 2022. After that, they can only move their crypto to crypto wallets or other third-party platforms or withdraw their SGD. “All accounts must be closed by 13 February 2022,” the company added.
The company also detailed what will happen to users who won’t be able to meet the deadline of closing their positions and withdrawing their assets from the platform. “Your Binance.sg account will be suspended and you will no longer be able to access your Binance.sg account,” the exchange said. “Your crypto assets will be held in an escrow account and your fiat assets will be transferred to your StraitsX Personal Account.”
To recover their funds, users will need to contact customer service at [email protected]. The company warned that there is a monthly 5 percent monthly maintenance fee for the remaining assets and a one-time administrative fee of 20 percent for facilitating the transfer.
“We recommend that you take action as soon as possible before the deadline for account closure (13 February 2022),” Binance said. “Please note that BAS will not be held responsible for any losses that result from your failure to withdraw your assets and close your account by 13 February 2022.”
