Binance Determined To Expand Market To Singapore After Withdrawing In 2021

Key Points:

• Binance plans to apply for a license to provide crypto services in Singapore, shifting from individual customers to corporate customers.
• The company says it has been improving its ability to meet the needs of regulators.
• It launched a restructured business for corporate clients in Singapore at the end of November last year, renaming Binance Custody to Ceffu.

According to Nikkei News, citing the Binance executive, the exchange plans to try again to obtain a license to provide cryptocurrency services in Singapore, shifting from retail customers to corporate customers.

Jarek Jakubcek, director of law enforcement training at Binance, said it would let its custody unit apply for a license to provide such services “in due course” and that the company has been improving its capabilities to meet regulators’ demands.

Binance launched a restructured business for corporate clients in Singapore at the end of November last year, rebranding Binance Custody as Ceffu, the name is a reference to SAFU (Secure Asset Fund for Users).

The spin-off caters to professional investors looking for custody and other digital asset services. And it is this business that Binance hopes to license.

The company’s Singapore subsidiary Binance Asia Services, withdrew from Singapore in December 2021 and canceled its application for a license to operate digital payment tokens. At the time, it said that the withdrawal was necessary because it had already invested in a Singapore-based regulated exchange and that obtaining a second license would be “redundant.”

Binance said in an emailed statement at the time that the decision to withdraw the Singapore license application was based on global strategic, commercial and development considerations.

The city-state of Singapore has always caused difficulties for the crypto behemoth while being generally crypto-friendly. In order to lower risk, the nation grew more cautious while entering the cryptocurrency market after FTX’s collapse.

With a series of inquiries on cryptocurrency regulation and the possible effects of FTX’s death on the larger economy, the nation’s Parliament placed financial authorities and the Ministry of Finance on the spot.

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Harold

Coincu News