Binance leaves Singapore and plans to launch a crypto exchange in Indonesia

Binance Asia has withdrawn an application for a digital assets provider licence in Singapore. The company had to make such a decision due to the fact that the Monetary Authority of Singapore (MAS) does not issue permits to large cryptocurrency exchanges. Binance.sg platform will shut down its operation by Feb 13.

Last year, Binance Asia applied for permission to conduct business in the country from the Singapore regulator. However, the company has not received a licence yet, although MAS has already approved more than half of the applications from smaller exchanges. Binance CEO Changpeng Zhao said that the exchange will provide its services only in crypto friendly countries.

Last week, the company invested in Hg Exchange (HGX), a regional private securities exchange. Richard Tong, the head of Binance Singapore, said that the company is going to continue to develop its business in Singapore and expand the list of services provided by the exchange.

Due to the current situation, Binance will no longer consider the possibility of establishing its headquarters in Singapore. Zhao noted that there are other countries that are suitable for placing the exchange office. Earlier it was reported that the company may establish a central office in France, Ireland or the UAE. In response, the French regulator laid out the condition for the creation of the Binance office. The exchange also plans to obtain a licence to operate in the UK.

Binance is also discussing the possibility of opening a new venture with PT Bank Central Asia (BCA), Indonesia’s largest bank, and state-owned telecommunications company PT Telkom Indonesia. The establishment of a regulated exchange will speed up the adoption of cryptocurrencies in the country. The terms of business are still being discussed and may change. At the moment, Binance has already invested in Tokocrypto, the Indonesian crypto exchange.

The new venture of the exchange will allow Binance to strengthen its position in Indonesia, whose authorities have a positive attitude towards digital currencies. The company’s representatives have not yet confirmed the information regarding this partnership, stating that Binance supports the development of cryptocurrencies and blockchain around the world and is looking for opportunities to provide its services in every country.

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