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Binance affiliate says will withdraw Singapore licence application
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business-standard.comThe Singapore affiliate of Binance, one of the world's largest cryptocurrency exchanges, said on Monday it will withdraw its local licence application and wind down its digital payment token business in the broadly crypto-friendly city-state.
The company, which has come under growing scrutiny globally, 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.
Governments and financial watchdogs around the world have intensified scrutiny of the cryptocurrency industry this year, posing a challenge to exchanges that have thrived in a mostly unregulated environment.
Singapore is a popular location for
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