Binance will shut down operations in Singapore by 2022


TL; DR Breakdown

  • Binance will shut down operations in Singapore by 2022
  • Traders have until February 12 to shut down accounts
  • Binance is planning to extend its base of operation

Popular crypto exchange, Binance has been all over the news in the last few months. Although some of the reasons have been good, the others have been nothing to write home about. Sometimes last week, the crypto exchange disappointed users of Dogecoin after it announced the suspension of withdrawals of the asset. In another news, Binance has announced that it will no longer follow through with its license process in Singapore again.

Traders must close their accounts by February 13, 2022

According to the report, the crypto exchange will, from today henceforth, suspend the onboarding of new users onto the platform. Also, the crypto exchange has sent a memo to its users in the country to take all their assets on the platform. This is because the company has put plans to shut down its exchange in the country by February 2022.

Also, present traders can still carry out their usual services on the platform until the February 12, 2022 deadline. However, users must ensure they have no digital assets in their accounts and wallets when the exchange shuts down the platform or risks forfeiture. Besides not onboarding new users, the exchange also announced that traders who failed to submit details for KYC verifications cannot do so anymore, and such accounts have been blocked.

Binance is planning to extend its base of operation

This recent Binance announcement is coming off the back of intense efforts by the company through its CEO Changpeng Zhao to win a license of operation in the United Kingdom. With the exchange already established its dominance at the top pick regarding exchanges, it saw massive success entering the Asian crypto market earlier this year.

Although there were records of regulatory oversight and issues with Binance, it did not stop the exchange’s growth in the continent. However, various parties and experts in the Asian crypto market have lamented the effects of the shutdown of Binance on the market.

Finalizing its letter, the company warned users to please make sure they comply with everything sent in the memo before the closure date. the exchange was also reportedly in talks in Indonesia with the crypto exchange looking for new locations to set up a base of operation. If the deal goes through, it will become the second Binance owned venture in the country.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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