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The Monetary Authority of Singapore is reviewing Binance's application for a license to operate in the city-state.

The Monetary Authority of Singapore (MAS), the country’s financial regulator and central bank, said it is closely watching the regulatory developments surrounding Binance Holdings Ltd., owner of the Binance crypto exchange.

The country’s financial watchdog is expected to “follow up” with the company’s local subsidiary Binance Asia Services Pte., Bloomberg reported Wednesday. The subsidiary has a grace period while it awaits a review of its license application.

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