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Crypto prices fall as Binance scraps plans for exchange


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A selection of Bitcoins
Bitcoin and other leading cryptocurrency prices plunged Monday - Photo: Shutterstock

Most digital coin prices dropped Monday after Binance, developer of the cryptocurrency by the same name, ended plans to operate a cryptocurrency exchange in Singapore.

Big assets, including Bitcoin, Ethereum, and Solana fell along with the Binance coin, while meme tokens also felt the effects.

Bitcoin was down more than 6%, dropping below $47,000, while Ethereum and Binance were down more than 8% at separate points. Binance later recovered slightly.

Less popular Solana took a sharper plunge, dropping more than 11%, and Polkadot was down by more than 10%.

Other crypto assets

Along with its eponymous digital coin, Binance operates exchanges around the world that trade other crypto assets. Investors in other crypto currencies reacted to the company's decision to withdraw its license application for binance.sg.

Top meme token Dogecoin dipped more than 7%. Shiba Inu, the closely watched meme coin named after the same dog breed as Tesla CEO Elon Musk’s puppy, fell more than 11% before rebounding.

But Binance CEO Changpeng Zhao said on Twitter and in an interview with Bloomberg that the company will continue to invest in Singapore.

Zhao said the license application withdrawal was linked to the company’s recent acquisition of an 18% ownership stake in private Singapore-regulated Hg Exchange, which currently trades crypto assets.

Tether and USD Coin, which are both pegged to the American dollar, bucked the downward trend by rising marginally.

Read More: Binance plunges 8% on scrapped Singapore exchange

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