(Bloomberg) -- Binance Asia Services Ltd., the Singapore entity of Changpeng Zhao, has withdrawn its application for a license to run a cryptocurrency exchange, the company said.

With that, Binance ends an effort to operate a regulated cryptocurrency bourse under the oversight of the Monetary Authority of Singapore. The fiat-to-crypto trading platform Binance.sg will wind down operations and close by Feb. 13, the affiliate of the world’s largest crypto bourse said in an emailed statement. Binance Asia was among some 170 firms that applied to MAS for a permit last year.

Instead, Binance Asia will refocus its operations toward the blockchain technology, according to the statement.

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