RIYADH: The cryptocurrency exchange company Binance has withdrawn its application for a crypto-licence in Singapore, Bloomberg has reported.

The company will shut down its trading platform in the country by February 13, ending speculation about the city state becoming the global headquarters for Binance.

The Singapore-based crypto exchange is to refocus its operations toward blockchain technology, Bloomberg reported citing a statement.

Binance Holdings Ltd, founded in 2017 and operating as a cryptocurrency exchange platform, has not set up a global base yet.

It was among 170 firms that passed the approval of the country’s Monetary Unit to provide cryptocurrency services.

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