Binance Unit Plans Bid for Singapore Crypto License

Reuters2023-03-02

Binance's custody unit Ceffu said on Thursday it is planning to apply for a permit to offer payment services in Singapore, as the crypto exchange makes another attempt to function in the crypto-friendly city-state.

"Once the relevant amendments to the Payment Services Act go live and the application for a custody license opens, Ceffu will make its official application with the MAS (Monetary Authority of Singapore)," the unit's Vice President Athena Yu said in a statement to Reuters.

The unit, launched in 2021, was recently rebranded to Ceffu from Binance Custody.

Late last year U.S. crypto exchange Coinbase, Crypto.com and DBS Vickers - brokerage run by Singapore's largest bank DBS- received similar approval from the central bank to offer payment services in the country.

Binance has earlier faced challenges in Singapore. Its affiliate Binance Asia Services withdrew a local license application in December 2021 without giving a reason beyond "strategic, commercial and developmental" considerations.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
2