Hey Hivers and LeoFinance Lions!
Binance has officially resended its application with the Monetary Authority of Singapore for a particularly important servicing license.
This comes after China imposed restrictions on bitcoin exchanges last year, which forced many cryptocurrency companies to move their headquarters out or limitations on what types of coins could be traded there—a condition that continues today even though they're no longer explicitly mentioning “virtual currencies” in regulations anymore; instead referring only vaguely toward things like "credit methods."
By February 13th 2022, Binance plans to "wind down" all services that relate to crypto tokens. However, the largest crypto exchange in the industry just announced it would accept no responsibility for users' assets after their self-determined deadline.
Users now need to start withdrawing if they're in afffected regions... Accounts registered with non-compliant KYC will be suspended as soon as it is detected!
If you use Binance to buy or sell crypto, make sure your funds are in Singapore before January 12th. Starting tomorrow (and continuing until 2022), they will no longer be able to process transactions with user's currencies and instead only offer fiat pairings like SGD/ETH or SIP/BTC
Binance is closing registration for new users fromSingaporewhich means those living here can still trade but it could get tricky if someone wants to move their money abroad.
Not to worry, though, because we have all the information you need before making any decisions. The bank will still allow users to withdraw and move their crypto into third-party platforms or wallets; however they cannot take out Singapore dollars as well! Account-holders must close their account by February 13th 2022 for this changeover process happen smoothly.
Binance plans to make further arrangements for the release of users’ assets upon an official request.
"We know you're all excited about this final date, but please keep in mind that once it ends, we won't be able to let any more Singapore users close positions or withdraw crypto assets. The locked funds will stay on the platform until your StraitsX Personal Account has been fully funded with fiat currencies from outside of Binance."
It is becoming increasingly important to meet the deadline for account closure (13 February 2022). Your assets will be lost if there is a lapse inactivity and this message has been sent out to warn about such circumstances. They recommend withdrawing money from your current investments as soon as possible, so they can still have an effect on future returns even with fewer funds being reinvested into them over time.
The CEO of Binance, Changpeng Zhao announced that the exchange will still have a presence in Singapore and this was done to overcome any regulatory hurdles they may face. It's also worth noting how recently HGX Exchange (HGX) acquired 18% ownership stake within their newly regulated private securities market which is granted them recognition as an LBORO under MAS regulations; making it easier for users retail users who want access without registering new accounts or providing personal details such bank account numbers!
Despite the ongoing regulatory scrutiny, Binance continues to explore new regions for setting up localized crypto exchanges.
If approved, the new BCA partnership will allow for a second crypto venture by a Chinese exchange giant in Indonesia. The company also plans on expanding into UK expansion despite regulatory resistance there.