Binance Asia Services Ltd., the Singapore affiliate of Binance, is planning to withdraw its application with the Monetary Authority of Singapore (MAS) for a digital payment token services license. 

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Binance Singapore users can still buy and sell crypto using their existing assets until January 12th, 2022. The next day all users will be banned from buying and selling crypto. As of today, Binance.sg has stopped accepting new users.

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On February 13th, Binance will completely shut down the platform and suspend all user accounts. If you haven’t withdrawn your crypto by then, you will have to contact Binance’s customer service.

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“We recommend that you take action as soon as possible before the deadline for account closure (13 February 2022). Please note that BAS will not be held responsible for any losses that result from your failure to withdraw your assets and close your account by 13 February 2022,” Binance stated in its announcement.

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The company has yet to give a reason for the move, apart from "strategic, commercial and developmental" considerations, along with a claim it would refocus the local unit's operations on becoming a blockchain innovation hub.

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