NewsletterBreaking: Binance Applying Crypto Services License In Singapore, But There’s A Catch
The world’s largest crypto exchange Binance seeks to re-enter Singapore’s crypto hub after completely winding up its crypto trading operations in February last year.
Binance’s custody arm Ceffu to apply for the Capital Markets Service license with the Monetary Authority of Singapore (MAS) to offer crypto custody services to corporate clients in Singapore. Binance recently renamed Binance Custody to Ceffu, taking inspiration from Binance’s Secure Asset Fund for Users (SAFU).
Commenting on the demand from institutional investors in Singapore, Athena Yu, vice president at Ceffu, said:
“Given the city’s reputation in innovation, good corporate governance and a strong regulatory framework, it’s no surprise that institutional investors are attracted to set up shop here.”
Singapore was a major market for Binance, but regulatory pressure from the MAS caused the crypto exchange to exit the market. The MAS didn’t renew Binance’s license in December 2021 as the crypto exchange failed to make the required changes as per the regulator. Jarek Jakubcek, head of law enforcement training at Binance, said the company has made several changes since then in order to meet regulators’ directives.
“If you take a look at recent hirings, you will see that Binance is hiring people with years of experience in law enforcement and regulations, he told Nikkei Asia.
Binance Seeks License in Singapore Amid Regulatory Crackdown in the U.S.
Similar to facing stringent regulatory pressure in Singapore, Binance is facing regulatory pressure in the U.S. due to heightened scrutiny following the collapse of FTX. Binance’s U.S. arm has been targeted by regulators, opposing the acquisition of bankrupt crypto lender Voyager Digital’s assets.
The U.S. SEC’s regulatory crackdown against crypto caused Binance to sever ties with its partners in the U.S., stopping Binance USD (BUSD) use for crypto trading, and impacting crypto staking services.
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