The biggest crypto exchange platform by market cap, Binance has withdrawn its application to the Monetary Authority of Singapore (MAS) for the license of digital payment token (DPT) services.
Binance.sg has stopped the entry of new users from today and would not allow Singapore-based users to deposit crypto or fiat on the platform.
Additionally, Binance has planned to “wind-down” all its services regarding its dealings with digital assets by February 13. The company also announced to take zero responsibility for the assets after the self-determined deadline arrives. The announcement stated:
“With immediate effect, users must start to make plans to withdraw their crypto and fiat from Binance.sg. Accounts of registered users who have not passed KYC will be suspended.”
TheCoinRise recently very effectively reported that the application for operations in Singapore could be withdrawn soon by the exchange giant. However, it is solidifying its steps in different countries along with cooperating with their regulatory bodies after facing massive regulatory pressure earlier this year.
Binance to close all accounts before February 13
Binance Singapore presently allows its users to buy and sell crypto with their existing assets till January 12, 2022. Users of Binance.sg will be unable to do so after January 13. The announcement informs that all accounts must be closed before February 13.
The exchange giant intends to make additional arrangements to release customers’ assets in response to a formal request to the company’s customer support department.
Binance would not enable any Singapore users to close positions or withdraw crypto assets beyond the deadline. If a user fails to close their position before February 13, they have to contact the support system to get their funds out. It will charge the following fees:
- Maintenance fee of 5% of the remaining crypto-asset balance per month.
- A one-time administrative fee of 20% of the remaining crypto-asset balance to be transferred for this service.
The crypto exchange giant recently revealed its plans to open a subsidiary company in the U.K. to comply with the regulatory requirements. Additionally, it has also planned to launch a crypto exchange in Indonesia.