Binance’s CEO reiterates his commitment to Singapore by quashing ‘fake news’ on Singapore’s crypto regulatory regime
Speculation on Binance’s License Withdrawal
Changpeng Zhao (CZ) the Chief Executive Officer (CEO) of Binance took to Twitter to quash rumors that have been circulating on social media after the decision to wind-down Binance.sg’s operation and withdrawal from their present regulation with the Monetary Authority of Singapore (MAS).
Binance’s affiliate, Binance.sg made a surprise announcement on Dec 13 to its customers announcing the gradual winding-down of the Singapore crypto exchange operation.
This decision led to widespread speculation that Binance is frustrated with the authorities in Singapore pertaining to its license application.
In an interview with Bloomberg on Dec 13, CZ reiterates that Binance will continue to have a presence in Singapore.
Presently, users registered on the Binance.sg’s platform are only allowed to trade in eight crypto assets, a stark contrast compared to the array of crypto assets available on Binance.
License Approval is Key
Binance continues to scout for a place to be called ‘home.’ This will likely be a crypto-friendly jurisdiction.
The latest news has pointed to France as the frontrunner.
The Secretary of State to the Minister of the Economy and Finance in France was present when the joint initiative titled ‘Objective Moon,’ led by Binance and France Fintech.
Binance recognizes the need for it to be physically located in a jurisdiction that will grant it the license for its global operation.
Presence in France will open more doors to the European crypto market.
Binance has HGX
Binance has acquired 18% in a regulated local securities exchange. Binance may continue to expand its operation in Singapore through the new acquisition.
Singapore is fast becoming a crypto hub for many startups because of its pro-crypto policies.
Binance will have good leverage in Singapore as the island nation continues to attract crypto-based investments and talents to its shores.
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Source : bsc.news
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