Binance, the world’s largest crypto exchange, announced today that its Singapore entity Binance Asia Services has withdrawn its application to the Monetary Authority of Singapore (MAS) for a license to operate a regulated crypto exchange in the country, according to a company statement.

Fast facts

  • The exchange had operated in Singapore under an exemption that allows companies to provide services while their license applications are being processed, but the withdrawal has put an end to this.
  • Binance said its fiat-to-crypto trading platform will wind down operations and close by Feb. 13, 2022. The company is immediately closing new registrations, crypto and currency deposits and trading on, and the platform’s users will be informed via email of what steps to take as the trading platform closes, the company said.
  • “We always put our users first, so our decision to close was not taken lightly,” Richard Teng, CEO of Binance Singapore (, said in the statement. “Our immediate priority is to help our users in Singapore transition their holdings to other wallets or other third-party services.”
  • Just last week, Binance Asia Services said it was acquiring an 18% stake in Hg Exchange, a private securities exchange that has obtained a recognized market operator license by MAS.
  • Binance has yet to announce a location for the company’s global headquarters. However, Zhao has reportedly bought a home in Dubai, a place he called “pro-crypto.” Zhao said Binance has decided on a location for the headquarters but will only announce it after full communications with local regulators, according to a Bloomberg report in November.