#Binance - world’s largest cryptocurrency exchange is NOT leaving #Singapore

Binance , the world’s largest cryptocurrency exchange with a daily turnover of US$76 billion, has pulled out its application to establish a cryptocurrency exchange in Singapore.

As Binance’s CEO Changpeng Zhao once said, the key to their growth lies in achieving user trust. Zhao also reasoned out that despite the breakneck progress in digital capital, no further than 2 per cent of the world’s population use cryptocurrencies.

“In order to bring those 98 per cent of people, we need to be regulated,” he said.

BINANCE IS NOT LEAVING SINGAPORE

Binance has invested in Singapore’s private securities exchange Hg Exchange (HGX) recently, gaining an 18 per cent stake in the business. HGX has a Recognised Market Operator?license. It currently?trades shares in private companies as well as tokenised assets including?rare whisky, art and real estate.

Although Singapore is regarded a favorable haven for Binance to set up a new cryptocurrency exchange, the entity also experienced strong pushback from Singapore’s regulators over concerns on weak consumer protection instruments.

While Binance claimed to have carried out revisions, it reportedly failed to match the Monetary Authority of Singapore’s condition for safeguard against money laundering and terrorism financing. Binance has undertaken to polish its compliance credentials in end-November with the publication of an article on 10 “fundamental rights” for crypto holders on its website, stressing its “responsibility” to work with regulators and policymakers and appealing for better clarity on global regulatory frameworks.

Source- CNA