Binance among firms stymied by Singapore money-laundering rules

SINGAPORE, Dec 17 (Bloomberg): Binance Asia Services Ltd., which recently withdrew an application to offer cryptocurrency services in Singapore, didn’t meet the central bank’s criteria for safeguarding against money laundering and terrorism financing, a person with knowledge of the matter said.

The Monetary Authority of Singapore allows applicants to withdraw rather than face an outright regulatory rejection, the person said, asking not to be identified because the deliberations are confidential. No reason was given when Binance Asia, an affiliate of the world’s largest cryptocurrency exchange, said Dec. 13 it was pulling the application.