We are writing to you today to inform you that Binance Asia Services Pte Ltd (BAS) intends to withdraw its licensing efforts in Singapore and wind down its digital payment token (“DPT”) services in Singapore by 13 February 2022. The decision has not been made lightly, and we apologize in advance for any inconvenience this may cause.
To facilitate an orderly winding down of BAS' DPT services, please note that the following will apply. Please read the following timelines carefully and take the appropriate actions required of you.
With immediate effect (i.e. on 13 Dec 2021)
- No new user registrations will be permitted on Binance.sg.
- Accounts of registered users who have not passed KYC will be suspended.
- Users will not be able to deposit crypto or fiat on Binance.sg.
- Users may continue to buy and sell crypto using their existing assets until 12 January 2022.
- Users must start to make plans to withdraw their crypto and fiat from Binance.sg.
From 13 January 2022 to 13 February 2022
- Buying and selling of crypto from existing assets of users will be discontinued from 13 January 2022.
- Users can only:
- withdraw and move their crypto to third-party platforms or crypto wallets; and/or
- withdraw their SGD; and
- All accounts must be closed by 13 February 2022.
After 13 February 2022
If you are unable to close your positions and withdraw your crypto assets from Binance.sg by the deadline of 13 February 2022, the following will occur:
- Your Binance.sg account will be suspended and you will no longer be able to access your Binance.sg account.
- Your crypto assets will be held in an escrow account and your fiat assets will be transferred to your StraitsX Personal Account.
- To recover your funds after Binance.sg has closed, you will need to contact our customer service at email@example.com so that we can make arrangements for any remaining assets to be transferred back to you. Please note that the following fees will apply under such circumstances:
- Maintenance fee of 5% of the remaining crypto asset balance per month.
- One-time administrative fee of 20% of the remaining crypto asset balance to be transferred for this service.
We recommend that you take action as soon as possible before the deadline for account closure (13 February 2022). Please note that BAS will not be held responsible for any losses that result from your failure to withdraw your assets and close your account by 13 February 2022.
Once again, we apologize for any inconvenience that this may cause. If you have any questions, please visit our FAQ page where you can find information on a range of relevant topics or customer service at firstname.lastname@example.org.
Please note that your personal data may be retained for regulatory purposes. For more information about how we process your personal data, visit our User Agreement page and/or please contact email@example.com
Thank you for your patience and understanding.
Binance Asia Services Pte Ltd
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