Binance Asia, the Singapore affiliate of Binance, has said that it will withdraw its local license application.
Binance Asia said that it will wind down its digital payment token business in the Singapore.
Binance has had to bear the brunt of an intensified scrutiny over the cryptocurrency industry this year.
Singapore is among the forerunners globally in developing a formal licensing framework for cryptocurrency companies.
Binance Asia Services Pte Ltd had applied for a license to operate in Singapore and was allowed to continue doing business while that license was being processed.
Binance Asia says it plans to turn Singapore into a blockchain innovation hub.
Binance.sg, a platform for trading fiat and cryptocurrencies will wind down operations and close by Feb. 13 2022, Binance Asia said.