Binance Asia Services Ltd., the Singaporean arm of the global crypto exchange recently withdrew its license before the Monetary Authority of Singapore (MAS) acquired a major stake in a native exchange. The move puzzled many given the Singapore arm of the crypto exchange has been operating in the country under special operational rights granted by the MAS. The global platform of the exchange has faced regulatory scrutiny by MAS earlier, but the native company was expected to make headway in the country.
An insider familiar with the matter told Bloomberg that Binance Asia Services Ltd. failed to meet the central bank’s criteria for safeguarding against money laundering and terrorism financing. The MAS allows platforms to withdraw their license if they are aware of possible rejection. This helps platforms as it doesn’t give away the actual reason for rejection.
“Applicants can withdraw their applications should they see fit, upon which those who are operating under the exemption wil
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