Binance to Cease Operations in Singapore Next February
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Behemoth cryptocurrency exchange Binance has announced that it is ready to halt operations in Singapore. The exchange’s Singaporean arm, Binance Asia Services Ltd., broke the news some hours ago, noting that it had withdrawn its license application for operating a crypto exchange.
Binance.sg told Bloomberg that the platform should halt all operations in Singapore by February 2022.
The latest development also throws out previous speculations that Binance could use Singapore as its headquarters. The behemoth exchange further noted that this comes after following “strategic, commercial and developmental considerations globally.” Commenting on the matter, the chief executive officer of Binance.sg, Richard Teng, noted 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.”
Meanwhile, Binance Asia recently noted that it plans to refocus its operations towards blockchain technology. Binance’s exit from Singapore comes only a week after acquiring an 18% stake in Singapore-based Hg crypto exchange.
This decision comes as the crypto exchange continues to look for ways to improve its global operations, following barrages of intense regulatory scrutiny this year.
Key Binance Coin Levels to Watch — December 13
Along with the rest of the crypto market, Binance Coin (BNB) continues to trade in a sideways momentum on Monday as market uncertainty remains unabated. The third-largest cryptocurrency has traded between $600 and $540 for most of December, following its descent from $650.
That said, I expect to see a fresh influx of momentum and trading volume this week, which should help BNB break above the 50 SMA line at $570, a critical near-term juncture. Furthermore, the primary target for bulls is the $600 top, where a confluence of resistance lines resides.
Regardless, a sustained fall below the $540 support remains unlikely as we head into the end of the year.
Meanwhile, my resistance levels are $580, $600, and $620, and my support levels are $540, $520, and $500.
Total Market Capitalization: $2.25 trillion
Binance Coin Market Capitalization: $93 billion
Binance Coin Dominance: 4.14%
Market Rank: #3
