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Binance affiliate says will withdraw Singapore licence application
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economictimes.indiatimes.comBinance, one of the world's largest cryptocurrency exchanges, said on Monday it will withdraw its local licence application and wind down its digital payment token business in the broadly crypto-friendly city-state. The company, which has come under growing scrutiny globally, did not give a reason for its decision beyond «strategic, commercial and developmental» considerations and said it would refocus the local unit's operations on becoming a blockchain innovation hub. Governments and financial watchdogs around the world have intensified scrutiny of the cryptocurrency industry this year, posing a challenge to exchanges that have thrived in a mostly unregulated environment.
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