Binance is set to cease its licensing efforts in Singapore.

Binance Asia Services (BAS), the Singapore-based Binance entity, is set to cease its licensing efforts in the country, the crypto exchange service announced today. Today’s news confirms the previous speculation that the company might withdraw its license application while seeking a new global headquarters. BAS had been exempted from holding a license under the country’s Payment Services Act while the Monetary Authority of Singapore (MAS) reviewed its application.

BAS announced that it would begin a phased shuttering of its services in Singapore.

Tweeting on Monday, Binance CEO Changpeng Zhao clarified that Binance’s investment in the MAS-regulated Hg Exchange rendered its previous licensing application “somewhat redundant.” Apart from discontinuing its plans to obtain regulatory approval, BAS also announced that it will begin a phased shuttering of its services in the country to be concluded on February 13, 2022. As part of the phased shuttering process, BAS says it has stopped new registrations, and users without identity verification will see their accounts suspended with immediate effect. 

Clarification. Binance made a sizable investment into regulated exchange HGX last week. This investment made our own application somewhat redundant. We will continue to work through our partners to grow the crypto industry in Singapore. Onwards.https://t.co/D9oywGEavV

— CZ 🔶 Binance (@cz_binance) December 13, 2021

Binance Singapore users with completed KYC verification will still be able to trade on the platform.

Binance Singapore users with completed know your customer (KYC) verification will still be able to trade on the platform until January 12, 2022. The platform advised such users to use the time to begin withdrawing their assets. According to Monday’s announcement, all crypto trading services on Binance Singapore will end on January 13. Withdrawals will still be possible until the final phase of the shutdown process is slated for February 13, 2022. Users who fail to withdraw their assets by the final shutdown date will have to contact BAS’s customer service team. According to the announcement, late withdrawals will draw a 5% maintenance fee per month as well as a one-time 20% administrative levy.