Despite not having an official headquarters, Binance’ main trading platform has still managed to record an average daily trading volume of $2 billion and more than 1.4 million transactions per second, according to its website. Zhao informed Bloomberg that Binance has already decided on a location for its headquarters which they will announce soon.
Binance Singapore is a fiat-to-cryptocurrency platform designed to meet the needs of Singapore users who buy and sell cryptocurrency with Singapore Dollars (SGD). The platform offers real-time 24/7 SGD deposit and withdrawal functionality along with critical focus on security and regulatory compliance. Binance Singapore offers the lowest trading, deposit and withdrawal fees in the Singapore market, entry barriers has also been lowered to encourage local crypto adoption.
Binance was unable to comply with the anti-money laundering rules set forth by Singaporean regulators MAS – Monetary Authority of Singapore.
The managing director of the regulator Ravi Menon stated that in order for a company to obtain a license, it would have to live up to very high standards of compliance. A total of 170 companies that have applied for a license with MAS including Binance Asian, and was operating under a temporary exemption during the licensing process. Around 100 of them including Binance Asia has failed to comply with the standards in dealing with potentially illicit flows of funds and hence unable to obtain the license.
So far, only four companies have been approved to obtain the license. Among them are a brokerage unit of DBS Group Holdings Ltd and Independent Reserve.
According to Binance Singapore, it has withdrawn its application for an operating license in the city-state of Singapore for a different reason.
A post on Twitter by Changpeng Zhao, the head of Binance (above picture), stated that the reason for withdrawing from the region was due to the investment made by Binance to own 18% stake in HG exchange based in Singapore. This investment has made their own application somewhat redundant. Binance will continue to work through their partners to grow the crypto industry in Singapore. Binance has also informed that they are looking into a “strategic, commercial and development consideration globally” before making this decision. This includes the signing of MoU with Dubai World Trade Center Authority to establish a Crypto Hub.
The company will cease all crypto-fiat trading activities in Singapore effective February 13, 2022. Their immediate priority is to help their users in Singapore transition their holdings to other wallets or other third-party services.
Despite on what happened to Binance in Singapore, they had a signing ceremony of Memorandum of Understanding (MoU) between Binance with Dubai World Trade Centre Authority (DWTCA). has outlined the vision of acceleration on the set-up of a new industry hub for Global Virtual Assets.
With this MoU, Binance will be able to help Dubai in advancing the commitment to establishing a new international Virtual Asset ecosystem that will generate a long-term economic growth through digital innovation, also know as a Crypto Hub.
Binance believes that Dubai’s new agenda will contribute greatly to the growth of the global economy. In order to materialize this, Binance will participate in this knowledge-sharing ecosystem by sharing its experience in collaborating with global regulators to aid the development of progressive Virtual Asset regulation.
The primary goal is to assist crypto exchanges, blockchain related business and Distributed Ledger Technology (DLT) services, and a wide range of digital currencies and assets to become licensed in Dubai.
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