With Binance Singapore withdrawing its operations locally, where can users look to deposit their cryptocurrencies?
Binance Singapore has withdrawn its cryptocurrency licensing application with the Monetary Authority of Singapore (MAS), and will stop all services in the country by 13 February 2022.
Commonly known as Binance.sg, Binance Singapore is owned by Binance Asia Services (BAS) and was previously allowed to operate while being exempted from holding a license for the provision of digital payment token services.
Back in September, the global cryptocurrency exchange Binance.com was banned from conducting cryptocurrency services in Singapore by MAS by providing payments services without proper licensing which breached the Payments Services Act (PSA).
Binance Asia Services said it will refocus its Singapore operations into a blockchain innovation hub to help develop blockchain opportunities and explore initiatives.
What are the changes that come with the license withdrawal?
With immediate effect from 13 December, users:
- Are not able to register for new accounts with Binance Singapore
- Pending Know Your Customer (KYC) verification will be put on hold indefinitely
- Cannot deposit cryptocurrencies or fiat currencies into the platform
- Can still trade on the platform till 12 January 2022
From 13 January to 13 February next year, users:
- Cannot trade on the platform
- Can only move their digital assets to other platforms or wallets
- Withdraw their fiat currencies
What happens if I still have assets in my account after the deadline?
All Binance Singapore accounts will be suspended after the deadline. Crypto assets will be held in an escrow account, and fiat currencies will be transferred to the user’s StraitsX account. Users who wish to recover their funds can email [email protected] after 13 February, but the exchange will impose a maintenance fee of 5% of the cryptocurrency balance per month, and an administrative fee of 20%.
What other regulated exchanges can I transfer my funds to?
Gemini is one of the few cryptocurrency exchanges that has made regulations and security their focus from the get-go. Founded in New York and regulated by the New York State Department of Financial Services, the exchange has constantly walked the talk on staying compliant with local laws with their SOC 1 Type 2 and SOC 2 Type 2 certified crypto exchange, and ISO 27001 security certificates.
Established locally in Singapore in 2014, Coinhako is an upcoming cryptocurrency exchange that has gained the in-principle approval from MAS as a Major Payment Institution to conduct cryptocurrency services in Singapore. The exchange offers fuss-free in-app trading, and regularly adds new tokens to its listing.
An Australian exchange that recently expanded into Singapore, Independent Reserves is one of the few cryptocurrency exchanges that has gotten a full licensure approval from the Monetary Authority of Singapore to operate locally. While it has a limited number of cryptocurrencies for trade, it has a reasonable fee structure with different supported fiat currencies.
With Binance Singapore’s application withdrawal, it seems that regulations will be the next buzzword for the Singapore cryptocurrency scene as unregulated exchanges are actively filtered out.
In our opinion, having an account with a regulated exchange under MAS approval would go a long way to ensure that your digital assets can be stored in one place without having to move them constantly. This would be a boon for new entrants into the crypto space or for users who aren’t familiar with digital wallets yet.
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