Last week, the world-leading centralized crypto exchange, Binance, announced it had withdrawn its license application and would be winding down operations in Singapore.
At the time, the exchange claimed its decision was connected to its recent acquisition of HGX. However, a new Bloomberg report has stated that the CZ-led exchange withdrew its application due to an entirely different reason from what it claimed.
Why Binance is leaving Singapore
As revealed by Bloomberg, Binance withdrew its licensing application due to its failure to comply with Singapore’s anti-money laundering rules. The rules are set by the country’s regulator Monetary Authority of Singapore (MAS).
“The Monetary Authority of Singapore (MAS) allows applicants to withdraw rather than face an outright regulatory rejection,” the report reads in part.
Binance, however, has insisted that it was leaving the Asian country due to its recent “sizable investment” in HGX. According to a spokesperson of the firm, th
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