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Binance to set up Singapore hub

Binance, the world’s largest digital asset trading platform, is considering expanding its Asian presence by establishing a blockchain innovation hub in Singapore.The company, on the other hand, plans to withdraw its application for a cryptocurrency exchange licence in the city-state. Binance.sg will cease operations on February 13, 2022, when all accounts have been closed.

Binance Asia Services is working to establish a blockchain hub in Singapore (BAS). The action is expected to have a positive impact on the global cryptocurrency ecosystem. Philbert Gomez, Vice President of Digital Industry Singapore (DISG), said, “We look forward to collaborating with Binance to build a thriving blockchain ecosystem that will benefit Singaporeans and Singapore-based businesses, allowing the region and the world to benefit from world-class innovation.”

Binance started a similar programme in Europe not long ago. It teamed up with France Fintech in November to launch a $116 million blockchain project on the continent. The company was known as “Objective Moon,” and it was tasked with constructing a Binance Research and Development centre in France as well as designing a Decentralized Ledger Technology (DLT) accelerator. In addition, the project has to establish a new online Education Program to find outstanding individuals in the crypto field.

Separately, Binance stated in the release that it intends to withdraw its application for a licence to operate a regulated cryptocurrency exchange in Singapore from the Monetary Authority of Singapore (MAS). As a result, by February 13, 2022, Binance.sg will be defunct. Binance Singapore has been operating in Singapore under a temporary exemption and, like over 170 other companies, had sought for a crypto licence through the Monetary Authority of Singapore.

Binance Singapore, on the other hand, announced on Monday that it was pursuing a “strategic refocus” on establishing a blockchain innovation centre in the island city-state. “Binance will look into a range of Singapore-based initiatives, including as incubation programmes, blockchain education, and more investment opportunities,” according to the company. The company’s Singapore arm has announced that it would no longer accept new registrations and will prohibit customers from depositing crypto or cash. However, until January 12, 2022, customers will be allowed to buy and trade cryptocurrency on the platform.

“Our decision to close Binance.sg was not made lightly,” said Binance Singapore CEO Richard Teng. “Our first focus right now is to assist our Singapore users in transferring their holdings to other wallets or third-party services. Singapore is a thriving fintech powerhouse, and Southeast Asia is a key market for us. We intend to increase our investments in the region, with Singapore serving as one of the region’s technological, research, and development hubs. This will complement our initiatives in other key global centres,” Teng further added.

Binance, the world’s largest crypto exchange by trading volume (averaging $2 billion per day and over 1.4 million transactions per second), has yet to announce the site of its headquarters, however it is likely to be unveiled soon.