Binance Singapore drops application for local crypto bourse

Binance CEO Changpeng Zhao, who’s been based in Singapore for the past two years, has offered mixed signals on where he may base the firm, saying places in Europe and the Middle East offered pro-crypto alternatives. —AP Photo

Binance Asia Services Ltd., the Singapore entity of Changpeng Zhao, has withdrawn its application for a license to run a cryptocurrency exchange, the company said.

With that, Binance ends an effort to operate a regulated cryptocurrency bourse under the oversight of the Monetary Authority of Singapore. The fiat-to-crypto trading platform Binance.sg will wind down operations and close by Feb 13, the affiliate of the world’s largest crypto bourse said in an emailed statement.