Do you remember several months ago where there were rumours that Binance might make Singapore their headquarters? Well after our government authorities decided to go ahead and start banning their services to Singaporeans and residents, it seems that they are looking elsewhere to list as their headquarters. I don’t blame them right? I mean the sad truth about the Singapore government is they tend to want to follow what others are doing, even when it doesn’t make much sense. I had thought that Singapore wanted to be a fintech hub but it certainly looks like the government isn’t really that into it. I am honestly not too sure what all the fuss is about regarding Binance. It is just a crypto exchange. No matter where I look, I don’t see them claiming that they were regulated by our monetary authority at all. Not on their website or their blog or anywhere. So not too sure why the government decided to clamp down hard on Binance. And losing the support of the company which might bring in a lot of jobs for Singaporeans and the residents. It is still the largest crypto exchange by trading volume in the world right? But you know, Singapore government does things like that every now and then.
Anyway it looks like Binance might be aiming to setup their headquarters in France. Of course nothing has been confirmed yet. But one of the biggest complaints regulators often have with Binance is that they don’t have a fixed headquarters. Having one in France (as they are in the EU) might help mitigate all these complaints. Furthermore I have contacted Binance support a few times and they were resolved promptly. Even when I was doing my KYC and issues arose, it was handled very professionally. So not too sure why regulators are targetting Binance. Probably because they are the largest crypto exchange. Sometimes it sucks to be the largest because crosshairs will be planted on you.
Yes too bad it isn’t Singapore but I guess our government burnt that bridge a few months ago. When I heard the news that Binance might be looking to setup their head office here, I was so excited. But then governments around the world started their clamp down and of course the Singapore government followed. I sincerely hope that Binance will be able to resolve their differences with our authorities and start allowing their users to use the Binance platform to trade. Come on, the Singapore government should not reserve crypto trading to just for the rich and the elites. That would not be fair. And they even allowed our DBS to have their own crypto license. A bank that probably do not have much experience in the crypto markets?
What are your thoughts on this? Do you think that the ban on Binance by our regulators is justified? Or do you think there is more than meets the eye with this ban? And why aren’t their differences resolved yet?