Binance Singapore Drops Crypto License Plans in City-State

Binance Singapore Drops Crypto License Plans in City-State
Binance’s Singapore entity plans to withdraw its application for a crypto license in the city-state, and will expel local users by Feb. 13, 2022, the exchange said on Monday.Binance Asia Services, the exchange’s local affiliate, is one of approximately 170 crypto firms that had applied for a Digital Payment Token License in Singapore, which would allow them to offer digital assets services to local users. Firms are allowed to offer crypto services as long as their license application is under review.Binance will stop offering services through its local site, Binance.sg, by Feb. 13, 2022, closing all existing accounts. Users have…