![]() Binance recently made a sizable investment into the regulated exchange HGX, which rendered our application for Binance Asia Services redundant,” a Binance spokesperson told Blockworks via email. “Our decision to withdraw our license application was for strategic and commercial objectives only. Investment in Singapore exchange HGX makes license ‘redundant’ The number of withdrawals is said to have increased to 100, according to reports. Now, Bloomberg is reporting that the exchange made the move because it wasn’t able to satisfy the Monetary Authority of Singapore that it has sufficient controls in place to prevent money laundering and terror financing.Īccording to a report this summer from the Singaporean government, of the 170 firms that have applied for a DPT license, 30 have withdrawn while two have been rejected. Binance did not give a reason for the withdrawal, but Bloomberg is reporting that Singaporean regulators were concerned that the exchange could not adequately prevent money laundering or terror financingĮarlier this week Binance withdrew its application for a Digital Payment Token license in Singapore and signalled it would close its local Singaporean subsidiary, without giving a reason, leaving many to wonder why the company is seemingly abandoning the country where it was expected to set up its future headquarters. ![]() ![]() Singapore is no longer a candidate for the firm’s official home, as the exchange withdrew its application with the local regulator on December 13. ![]()
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