The Singapore branch of the world's largest cryptocurrency exchange Binance Asia Services Ltd. withdrew its application to open an exchange in the city-state, halting efforts begun last year to receive approval from Singapore authorities. Binance Asia said in a statement that its fiat currency to Binance.sg cryptocurrency exchange platform will cease operations and close by February 13. The company was among 170 firms that applied to the Monetary Authority of Singapore for permission to provide cryptocurrency services. The withdrawal from the Singapore process is likely to dispel rumors that this city-state in Southeast Asia would become Binance's global headquarters. According to the company, Binance Asia took commercial and strategic considerations into account in its decision to withdraw its application in Singapore. Binance Holdings Ltd., founded in China in 2017, has yet to establish a global base. Instead, Zhao has registered firms in places where Binance operates. Zhao, who has Canadian citizenship and has lived in Singapore for the past two years, made it clear where he might locate his firm, stating that locations in Europe and the Middle East, along with Singapore, offer crypto alternatives. In November, Zhao, 44, said he bought his first home in Dubai to demonstrate his commitment to the jurisdiction. Along with France, Binance has also revived plans to register in the UK. On Monday, Zhao said on Twitter that Binance Asia had invested earlier this month in regional private securities exchange Hg Exchange, which gave it an 18% shareholding. HGX is licensed to trade shares of private companies as well as tokenized assets, including rare whiskey. According to a statement, Binance Asia is refocusing its operations on blockchain technology. Zhao owns the control stock of Binance Asia, according to the documentation provided by the Accounting and Corporate Regulatory Authority. The documentation states that Vertex Venture Holdings Ltd, Temasek Holdings Pte. is an investor in Binance Asia. Binance's withdrawal of its Singapore application also raised questions about the future of Richard Tan, the former head of the Singapore exchange. The Middle East is one option for Binance's headquarters. The Central Bank of the United Arab Emirates recently unveiled a digital asset scheme, and regulators in Abu Dhabi and Dubai are poised to begin licensing crypto in the coming months. However, any change of location should be accompanied by new leadership. Omar Rahim, Binance's Middle East and North Africa director, wrote in a LinkedIn post that he recently left the company to start a new cryptocurrency venture. His replacement has not been named publicly yet.
