As speculations about the world’s largest exchange, Binance’s exit from its former hub, Singapore took over social media, the latest update cancelled out all rumours, and determined Binance’s expansion plans. Binance CEO, Changpeng Zhao took to Twitter today, declaring that the crypto exchange has acquired 18 per cent of Singapore-regulated private securities exchange, Hg Exchange (HGX).
» Binance acquires 18% stake in Singapore-regulated Hg Exchange https://t.co/ZntbLsZgWk
— CZ 🔶 Binance (@cz_binance) December 8, 2021
Binance Exclusive Investment To Cross Regulatory Hurdles
The acquisition has come just in time when Binance was struggling with getting approval from the Monetary Authority of Singapore (MAS) to legally provide crypto services in the nation. As HGX is a recognised market operator, it could potentially help Binance cross the innumerable regulatory hurdles.
According to Binance Singapore’s Chief Executive, Richard Teng, with its latest investment into HGX, Binance seeks to expand business in Singapore by offering improved and more centralised services, backed by blockchain technology. However, interestingly, Teng had formerly worked as the Chairman at HGX, henceforth, this investment may not been as out of the blue as portrayed.
“Crypto and traditional financial offerings continue to converge. Through this investment, we seek to work with HGX in enhancing offerings of products and services supported by blockchain technology…In Singapore, we continue to work closely with key government agencies to support the growth of the blockchain ecosystem and development of requisite local talent needed” Teng told the Business Times.
Binance CEO on Collaboration of Centralised approach with Decentralised technology
Earlier this month, CoinGape reported on Binance’s alleged, upcoming exit from Singapore in lieu of regulatory inconvenience. Insider reports claimed that Binance hinted at withdrawing its application with the Monetary Authority of Singapore (MAS) because of its overdue approval of an operation’s permit. While Binance CEO declined to comment on the status of his the exchange’s local unit’s licence application in Singapore, he noted that the exchange only seeks to establish in countries with a pro-crypto approach, despite agreeing to become centralised. He asserted that both, risk reduction and Innovation driven economic growth can go hand in hand.
“When (regulators) only go by that metric, they just shut everything down, and yes that’s the best way to reduce risk. But better regulators have 2 metrics – they want to encourage innovation or economic growth and reduce risk. Regulators usually make rules that are much more pro-business when they look at both these metrics.”, The Business Times quoted its impromptu interview with CZ.
- Ripple Objects To SECs Request To Buy More Time Following Recent Court Ruling
- OpenSea’s Meteoric Rise May Trigger An Ethereum Crash, Here’s Why
- Breaking: JPMorgan Closes Uniswap (UNI) Founder’s Accounts
- UBS Warns Of Apocalyptic Crypto Winter And The Cryptocurrency Prices Are Poised To Crash
- SOL Tanks 6% As Solana Faces Another 48 Hour Outage, Boom and Bust Moment for Solana?
- Fantom (FTM) Surpasses Avalanche and Solana as DeFi TVL Crosses $12 Billion
- Buy The Dip Survey Shows 61% Of Chinese Bitcoin Investors Still Willing To Bet On Bitcoin
- Mike Novogratz Bets To Pay Peter Schiff $1 M If Bitcoin Price Stays Below $35,000 After 2022
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?