Subscribe To Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022
    Facebook Twitter Pinterest LinkedIn
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Bitcoin
    • NewsWire
      1. Latest News
      2. Top Stories
      3. Features
      4. What’s Hot
      5. Must Read
      6. Trending
      7. Spotlight
      8. Editors’ Picks
      9. View All

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      El Salvador’s Companies Barely Bother With Bitcoin

      March 19, 2022

      New Jersey legislation aims to prevent public officials from being gifted NFTs

      March 18, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Crypto’s Preferred Currency for Political Donations Isn’t Bitcoin. It’s Dollars

      March 19, 2022

      Meta Sued by Australian Watchdog Over Scam Crypto Advertisements

      March 18, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022

      Wall Street Reluctantly Embraces Crypto

      May 1, 2022

      Warren bill draws outcry over broad terms, but seems unlikely to pass

      March 20, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Russia-Ukraine War Is Bringing Out the Good, Bad, & Ugly of Cryptocurrencies

      March 18, 2022

      The ‘world’s most advanced’ digital human wants you to buy her NFT art

      March 15, 2022

      FTX crypto exchange wins license in Dubai to open regional headquarters

      March 15, 2022

      Crypto Startup Founded by Ex-Meta Employees Raises $200 Million

      March 16, 2022

      U.K. Crime Agency Wants to Regulate Crypto Transaction Mixers

      March 15, 2022

      A Wall Street Quant Turns His Crypto Firm Into a Unicorn

      March 14, 2022

      Standard Chartered’s crypto custodian to help clients earn yield on token holdings

      March 14, 2022

      Man passing as UN affiliate convicted for crypto scheme

      March 18, 2022

      The Future of Crypto Is Boring — and Bright

      March 15, 2022

      Investors turn to crypto funds, companies as Russia-Ukraine crisis escalates

      March 15, 2022

      Binance Wins Crypto Licenses From Dubai, Bahrain

      March 15, 2022

      Why Bitcoin’s Environmental Problems Are So Hard to Fix

      March 16, 2022

      Americans Want Crypto From Their Banks

      March 15, 2022

      Why Decentralized Exchanges Are Important in the Crypto Economy

      March 10, 2022

      Binance plots M&A spree as regulators scrutinize crypto trading unit

      March 10, 2022

      Amid New Executive Order, White House Director Sheds Light On Crypto Policy

      March 16, 2022

      Bitcoin Evangelist Saylor Tells Economists Why They’re Wrong

      March 15, 2022

      Crypto Mania in Texas Risks New Costs and Strains on Shaky Grid

      March 15, 2022

      Bitcoin’s scared of commitment, Mr. Biden

      March 15, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022
    • Altcoins
      • Ethereum
      • XRP-Ripple
      • Solana
      • Dogecoin
      • Cardano
      • Shiba Inu
    • Topics
      • Cryptocurrencies
      • Investments
      • Markets
      • NFTs
      • DeFi
      • ETFs
      • DAOs
      • Crypto Regulation
      • Metaverse
      • Blockchain & Web3
      • Blockchain Gaming
      • Crypto Exchanges
      • Crypto Mining
      • Stablecoins
      • Cybersecurity
      • Digital Currencies – CBDC
      • Crypto Book Reviews
      • Technology
      • Internet of Things
    • Opinions
    • Explainers
    • Press Releases

      Former Uber LatAm Head of Policy Leads Crypto Ride-Hailer Drife Toward Planned Global Expansion

      March 7, 2022

      European index provider for crypto assets Vinter raises $3.4m funding

      February 22, 2022

      PR – British crypto processor brings in $60 million for expansion in Europe

      January 25, 2022

      PR – CoinMENA obtains 2nd crypt0 license from European Union

      January 25, 2022

      NFT investment specialist looks to acquire Pluto Digital for £96m

      January 24, 2022
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»Crypto Regulation»Binance crypto license plans in Singapore uncertain
    Crypto Regulation

    Binance crypto license plans in Singapore uncertain

    By MICHELLE LIM
    December 2, 2021By Forkast3 Mins ReadNo Comments
    Facebook Twitter LinkedIn Pinterest Reddit WhatsApp Email Tumblr VKontakte Telegram
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email LinkedIn Tumblr Telegram

    Cryptocurrency exchange Binance might withdraw its license application in Singapore and look elsewhere in its search for a global headquarters, reported the Business Times in Singapore today, citing unnamed sources familiar with the matter.

    The cryptocurrency exchange currently operates in Singapore as Binance.sg or Binance Asia Services (BAS), with an exemption from holding a license while its license application for the provision of digital payment token services is under review by the Monetary Authority of Singapore (MAS).

    Donate to RareHippo Now!

    The exemption allows companies to provide services while their license applications are being processed, and will cease when an entity’s license application is approved, rejected or withdrawn.

    Binance Singapore’s withdrawal of its license will mean that its users in Singapore will no longer be able to buy or trade cryptocurrencies legally through the Binance.sg or Binance.com platforms. 

    Binance has already ceased support for crypto trading on its main platform for Singapore users after MAS in September added Binance.com to its Investor Alert List, which flags unregulated entities that may have given the public the impression they are licensed by MAS.

    Binance Singapore’s withdrawal depends on whether MAS’ stance changes, according to the Business Times, citing a source who requested to be anonymous as the matter is private. Binance is expected to reach a decision by the end of the year, the Business Times said. 

    In response to a request for comment, a Binance spokesperson told Forkast.News today that “​​it’s our policy that we do not comment on rumors or speculation. We’ll reach out when we have anything to announce.”

    A key financial center in Asia, Singapore has taken a proactive stance — with “strong regulation” — towards cryptocurrencies as it positions itself as a fintech and crypto hub. 

    The MAS in 2019 passed the Payment Services Act (PS Act), which came into force in January 2020, to regulate the crypto industry primarily for money laundering and terrorist financing risks.

     170 license applications by digital payment token service providers were submitted and to date, MAS has granted licenses to FOMO Pay, a Singapore-based payments fintech, DBS Vickers, the brokerage arm of DBS Bank, and Independent Reserve, an Australian cryptocurrency exchange and TripleA, a cryptocurrency payments provider. 

    Binance, the world’s largest spot and derivatives cryptocurrency exchange by far by trading volume, has experienced massive growth since it was founded in 2017 in China. But the exchange, which currently does not have a headquarters, has come under fire from regulators around the world over its stock tokens, derivatives trading services and lax know-your-customer (KYC) practices. 

    Binance has since taken steps to rein in its product offerings and practices including cutting high leverage, imposing mandatory KYC and beefing up its compliance team.

    In August, Binance Singapore announced the appointment of Richard Teng, former chief regulatory officer of the Singapore Exchange (SGX), as chief executive, in a move to bolster its leadership ranks with former regulators. The exchange has also been in search of a headquarters and stepped up its engagement with regulators.

    Singapore, where Binance CEO Changpeng Zhao reportedly resides, has been touted as a possible contender for the company’s headquarters along with “pro-crypto” Dubai where Zhao recently bought a new home and France, where Binance is funding recently announced a EUR 100 million crypto and blockchain initiative.

    Binance has decided on a location for its global headquarters and will announce it after Zhao communicates with regulators, according to a Bloomberg report in November.

    -Read original story on Forkast

    Crypto Regulation Cryptocurrencies Investment
    Previous ArticleBlockchain.com acquires Latin American crypto investment platform Sesocio
    Next Article Bitcoin Capital Expands its Crypto Asset Offering

    Related Posts

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 20221 Min Read

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 20223 Mins Read

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 20224 Mins Read

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 20225 Mins Read

    Wall Street Reluctantly Embraces Crypto

    May 1, 20225 Mins Read

    Warren bill draws outcry over broad terms, but seems unlikely to pass

    March 20, 20225 Mins Read
    Add A Comment

    Leave A Reply Cancel Reply

    Donate to RareHippo Now!
    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 2022

    Wall Street Reluctantly Embraces Crypto

    May 1, 2022
    Follow US & Win Prizes
    • Facebook
    • Twitter
    • LinkedIn
    • Pinterest
    Don't Miss
    Crypto Exchanges

    Binance.US is building an office in Portals’ metaverse

    January 10, 20222 Mins Read

    Popular cryptocurrency exchange, Binance.US, is building space in Portals, a metaverse platform built on the…

    Fidelity keeps trying to get a crypto-related ETF approved

    January 29, 2022

    Fed’s Powell says he doesn’t see crypto as ‘financial stability concern’

    December 16, 2021

    Stablecoin Friendly Policies Can Help Make 2022 A Breakout Year For Sector

    January 3, 2022

    Subscribe to Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Crypto news & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Privacy Policy
    • About Us
    • Donate to RareHippo
    • Get In Touch
    • NewsWire
    © 2023 RareHippo. Powered by 8 Dimensions

    The content of this website is for informational purposes only and is not intended as a substitute for investment or financial advice.

    Type above and press Enter to search. Press Esc to cancel.