Binance CEO Changpeng Zhao (CZ) set the record straight regarding his firm withdrawing its crypto trading permit application with the Monetary Authority of Singapore (MAS).

Since the summer, the troubled crypto exchange has been at odds with global regulators. This has forced numerous changes in how Binance conducts its business, including reducing leverage to a maximum of x20. And, the end of September saw it stop fiat deposits for Singaporean users.

More recently, happenings in Singapore have accelerated. Not only did Binance withdraw its crypto trading permit application in the sovereign island city-state, but the firm also announced it would cease operations effect from February 13, 2022.

Binance Singapore to shut next year

In an announcement to its Singaporean users on Monday, …