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Binance scraps plan for cryptocurrency exchange in Singapore
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Binance, the largest cryptocurrency exchange in the world in terms of volume, has announced the withdrawal of its cryptocurrency bourse application in Singapore, reported CoinDesk.
It also mentioned its decision to refocus the operations of Binance Asia Services, which had earlier applied for a license to the Monetary Authority of Singapore (MAS), into an innovation hub aimed at strengthening the global blockchain ecosystem.
Founded by Chinese-Canadian entrepreneur Changpeng Zhao, the exchange cited "global strategic, commercial and developmental considerations" while arriving at this decision.
While new registrations, trading and deposits on Binance. sg will be shut down immediately, the company aims to completely wind up its operations by
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