Popular crypto trading platform Binance has had a very rough year with regulators. But it looks like it’s about to have more problems on its hand before the year runs out.
Binance Withdrew Singapore’s Application to Save Face
According to Bloomberg, Binance Asia Services was recently forced to withdraw its application to provide cryptocurrency services in Singapore after failing to meet the Central bank’s requirement for protection against money laundering and terrorism financing. An anonymous source with knowledge of the matter revealed this new information to the press.
In Singapore, the Monetary Authority of Singapore allows applicants to withdraw their application instead of being rejected outright if it doesn’t meet the requirements.
According to the anonymous source, which asked to remain secret due to the confidential nature of the matter, Binance didn’t meet the criteria and had to withdraw its application to save face.
Binance Asia had earlier claimed that its decision to withdraw the application was based on “strategic, commercial and developmental considerations globally.”
With the withdrawal of the application, Binance ended its over one-year effort to get approval from the Singaporean authorities to offer its services in the country.
Following this new development, Binance.sg, the Singapore-based subsidiary fiat-to-crypto trading platform, will end its operations by February 13. Binance was one of the 170 firms that applied for a crypto service permit in the country.
Binance and its Regulatory Troubles
This new development also means that Binance’s long-lasting tussle with regulators all over the world continues. Several countries, including the United States and the United Kingdom, currently have restrictions on Binance with allegations of insider trading, money laundering, and violations of other laws.
Several EU countries and Asia countries such as Japan, Malaysia, and Thailand have also publicly come down on the crypto exchange.
One of the several issues that regulators have with Binance is the mystery of its global headquarters, which is not known to anyone as the company claims to have a decentralized operation.