Binance, the world’s largest cryptocurrency exchange, is looking to re-enter the Singapore market from which it withdrew after failing to obtain a license in 2021. The main reason is said to be the growing interest in crypto exchanges in Singapore.
There Is No Region That Binance Does Not Dominate
Binance, which has managed to obtain a cryptocurrency license in a wide geographical area ranging from France to Dubai, from the Netherlands to Bahrain, preferred to re-enter the Singapore market, which it left last year.
According to Nikkei Asia, Binance has decided to reapply to the Monetary Authority of Singapore. Representatives of the organization were cited as the source of the information. It was not specified when Binance plans to submit a new application.
Singapore Distances Itself From Binance
Despite its positive attitude towards cryptocurrencies, Singapore’s strict and comprehensive regulatory framework prevented Binance from obtaining a license in 2021, which is why the exchange announced its withdrawal from the country. However, many users in Singapore continue to play with cryptocurrencies. Moreover, the spread of news that other cryptocurrency exchanges are being licensed where Binance is not is another headline of this situation.
Recently, Hong Kong has become a serious competitor to Singapore, which markets itself as “Asia’s crypto hub.” Recently, Hong Kong accepted bitcoin and Ethereum ETFs.
Binance CEO Changpeng Zhao stresses in every interview how important regulations are to him and that he holds the most cryptocurrency licenses in the world.
Domino Effect Is Feared
Basically, apart from a few countries, Binance continues to lead in all markets where it has a presence. Singapore is a country that is a source of prestige and power for Binance. As such, there is concern that a loss of Singapore to another exchange could trigger a domino effect.
The recent opening of Binance-related investigations and court filings in many countries in the Americas and Europe are other issues that have Binance up in arms. However, if we wait, we can get more accurate information about the sector and the current situation in the near future.
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