Binance, the world’s largest exchange, has dropped its application to have a bourse in Singapore. This move will likely put an end to beliefs that Binance is making plans to have its headquarters in Singapore.
Richard Teng, the CEO of Binance Singapore said that:
“We always put our users first, so our decision to close Binance.sg was not taken lightly. 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.”
Rather than establish a headquarters in a specific jurisdiction, the world’s largest exchange has been integrating operational entities in locations where it operates. In my mind, this strategy is to ringfence its operations effectively and also protect nation-specific services from regulatory issues elsewhere.
Now, Binance Asia will focus on developing blockchain technology, in contrast to providing services to domestic retail investors.
This move has led to speculation that Binance will seek to establish a headquarters in a Middle Eastern jurisdiction, with officials in Dubai and Abu Dhabi to start crypto-licensing soon.
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Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.