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Binance Pull Outs its Singapore Operating License Application

Binance is currently considering the options of pulling its Operating License Application for a license to work in Singapore!

The reason for this consideration is due to the hinged-on delays by the Monetary Authority of Singapore (MAS). However, the authorities are examining its bid to consider Operating License Applications from global trading platforms.

Moreover, Binance’s CEO Changpeng Zhao wants to do business in various jurisdictions. He doesn’t want to make a home amongst regulators that are more focused on consumerism without creating room for balance. 

He also commented when regulators only go by that metric, they just close everything down, and yes, that’s the best way to reduce risk. Though better regulators have two metrics: they either want to encourage innovation or reduce risk. Furthermore, regulators generally make much more pro-business rules when looking at both these metrics. 

Changpeng Zhao has also reaffirmed his plans to lead the affairs towards clinging to regulatory permits. Binance’s immediate plan is to set up several regional headquarters to connect with regulators properly. Also, the Monetary Authority of Singapore’s delays is resorting to leading the Southeast Asian nation out of the present crop of options.

Lastly, Binance is still starting to put its affairs in order. Though, the reports should not invalidate the chances of Binance gradually fixing the license to operate in Singapore.

No one is sure about the timeline of the apex bank and its plans to issue the needed licenses.

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