The company did not give a reason for its decision beyond ‘strategic, commercial, and developmental’ considerations and said it would refocus the local unit's operations on becoming a blockchain innovation hub.
Singapore is a popular location for cryptocurrency firms due to a comparatively clear regulatory and operating environment and is among the forerunners globally in developing a formal licencing framework.
Binance's Singapore unit was one over 100 cryptocurrency companies to apply for a licence to operate in Singapore and had been allowed do business while its licence request was being processed.
Binance said its Singapore platform for trading fiat and cryptocurrencies will close by mid-February 2022.
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