Binance Abandons Singapore Crypto Venture

Shirin Aguiar

16 December 2021

Singapore’s issued guidance prohibiting Binance Markets, part of the Binance Group, from undertaking any regulated activity in the UK, along with a warning about investing in crypto assets. Crypto investors can access Binance’s offshore exchange regardless of whether the group operates in their location.

Alternative HQ for Binance
The move to shut down its Singapore crypto operations represents a setback to the group’s attempts to establish operations in a major financial centre. Zhao has been based in Singapore for two years and there had been speculation that it would become its global headquarters.

Binance Holdings, founded in China in 2017, has no global base yet, with Zhao instead incorporating firms in locations where Binance operates. It may be eyeing Europe and the Middle East. Zhao bought his first-ever home in Dubai recently to show a commitment to the authority which he described as “very pro-crypto” last month.

Dubai takes a relatively liberal approach to digital asset regulations. The emirate's Financial Services Authority unveiled a digital-asset framework recently, and regulators in the UAE are working on a framework to approve and license firms that offer crypto services. However, Binance said it has already decided on a location for its headquarters and will be announcing it soon, according to Bloomberg.

HSBC and Wells Fargo announced this week that from Monday they will settle currency trades with blockchain, another example of how the technology that underpins crypto is taking new forms.