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Binance Among Firms Stymied by Singapore Money-Launder Rules

  • Binance Asia this week withdrew crypto-services application
  • Some 100 applicants withdrew after failing to meet AML rules
Zhao Changpeng

Zhao Changpeng

Photographer: Bryan van der Beek/Bloomberg
Updated on

Binance Asia Services Ltd., which recently withdrew an application to offer cryptocurrency services in Singapore, didn’t meet the central bank’s criteria for safeguarding against money laundering and terrorism financing, a person with knowledge of the matter said.

The Monetary Authority of Singapore (MAS) allows applicants to withdraw rather than face an outright regulatory rejection, the person said, asking not to be identified because the deliberations are confidential. As earlier reported by Bloomberg, Binance Asia on Dec. 13 cited “strategic, commercial and developmental considerations globally” for pulling the application.