Binance Among Firms Stymied by Singapore Money-Launder Rules (2)

Binance Asia Services Ltd., which recently withdrew an application to offer cryptocurrency services in Singapore, didn’t meet the central bank’s criteria for safeguarding against money laundering and terrorism financing, a person with knowledge of the matter said.

The Monetary Authority of Singapore (MAS) allows applicants to withdraw rather than face an outright regulatory rejection, the person said, asking not to be identified because the deliberations are confidential. As earlier reported by Bloomberg, Binance Asia on Dec. 13 cited “strategic, commercial and developmental considerations globally” for pulling the application.

MAS managing director Ravi Menon said in October that it would apply ...