Asian Tech Press (Dec 13) -- Binance, the world's largest cryptocurrency exchange, its Singapore entity Binance Asia Services Ltd. has withdrawn its application for a license to run a bourse in the city-state, Bloomberg reported Monday.

With this, the report said, Binance has ended its efforts to operate a compliant cryptocurrency exchange under the supervision of the Monetary Authority of Singapore (MAS).

Binance Asia said in an emailed statement that it will end its operations and shut down its fiat-to-crypto trading platform Binance.sg by Feb. 13 next year.

According to the statement, Binance Asia will refocus its business on blockchain technology.