Singapore to Follow Up With Binance in Wake of Global Crackdown
- Binance Asia has applied for license to operate in Singapore
- Binance, affiliates face scrutiny in the U.S., U.K. and Japan
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Singapore’s financial regulator said it would follow up as required with the local unit of Binance Holdings Ltd. after its parent company came under scrutiny from authorities around the world.
Binance Asia Services Pte. has a grace period during which it can operate in the city-state while the Monetary Authority of Singapore reviews its application for a license to provide digital payment token services, the regulator said Thursday. A number of other companies are undergoing a similar assessment and can continue their operations in the meantime, a MAS representative said in response to queries from Bloomberg.