Binance, the largest cryptocurrency exchange in the world, will be closing down its operations in Singapore real soon.

The company has also withdrawn its application for a crypto trading permit from the central bank (Monetary Authority of Singapore).

Prior to this, Binance was one of the 170 cryptocurrency companies that applied for a Digital Payment Token License in Singapore, which allows them to offer digital assets services to local users.

According to the company, Binance will fully close down its operations in the country effective 13th February.

As of today, all trading, deposits, and registration activity in Singapore will no longer be accessible.

In the meantime, the company will work to transition their users' holdings to other wallets and third party services.

"Our decision to close Binance.sg was not taken lightly. Our immediate priority is to help our users in Singapore transition their holdings to other wallets or other third-party services. I am grateful to the MAS for its ongoing assistance to Binance Asia Services and we look forward to future opportunities to work together", mentioned Richard Teng, chief executive of Binance Singapore.