![]() ![]() The United Arab Emirates’ central bank recently unveiled a digital-asset framework, while regulators in Abu Dhabi and Dubai are poised to begin crypto-licensing in the coming months. One option for Binance’s future headquarters is the Middle East. Access all the features you love in one simple and easy to use app: Shop Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and more. ![]() The Singaporean previously held roles including chief regulatory officer of Singapore Exchange Ltd., and spent 13 years at the Monetary Authority of Singapore.Īll local employees will join the firm’s global operations and continue to contribute to the company, said Hazel Watts, a Binance spokeswoman in Singapore. is an investor in Binance Asia, the filing shows.īinance’s withdrawal of its Singapore application also raised questions about the future of Teng, a high-flying former regulator who joined the Singapore entity in August. Temasek Holdings Pte.’s Vertex Venture Holdings Ltd. Zhao is the majority shareholder of Binance Asia, according a filing to the Accounting and Corporate Regulatory Authority. “Not all crypto activities are regulated, and increasingly big crypto players might want to consider having distinct regulated and unregulated entities, to optimize their revenue and partnership models across different jurisdictions,” said Chia Hock Lai, co-chairman of the Blockchain Association Singapore. Instead, Zhao has incorporated firms in locations where Binance operates. Headquarters Searchįounded in China in 2017, Binance Holdings Ltd. “I am grateful to the Monetary Authority of Singapore for its ongoing assistance to Binance Asia Services and we look forward to future opportunities to work together.”īinance Asia has taken into account “strategic, commercial and developmental considerations globally” in its decision to withdraw its Singapore application, the company said. “We always put our users first, so our decision to close Binance.sg was not taken lightly,” said Richard Teng, chief executive officer of Binance’s Singapore entity. The withdrawal from the Singapore process is likely to end speculation that the Southeast Asian city-state would become the global headquarters for Binance, the company co-founded and headed by the entrepreneur Changpeng Zhao. The company was among some 170 firms that applied to the Monetary Authority of Singapore for a permit to provide cryptocurrency services. 13, Binance Asia said in an emailed statement. The fiat-to-crypto trading platform Binance.sg will wind down operations and close by Feb.
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