Crypto exchange Binance has withdrawn its application with the Monetary Authority of Singapore for a digital payment token services license.
Binance.sg halted on boarding new users and will not allow Singaporeans to deposit cryptocurrencies or fiat on the exchange.
Binance plans to halt all services that relate to dealing with cryptocurrency tokens. However, the exchange had publicized that it would accept no responsibility for the users’ assets after the self-determined deadline
Users are currently allowed to buy and sell crypto, using their current assets until January 12th 2022. Beginning of January 13th, Binance.sg users will be banned from buying and selling crypto.
Binance plans to make further arrangements to release users’ assets upon an official request to the company’s customer service.Following the final date, Binance will not allow any Singapore users to close positions or withdraw crypto assets.
