Amid various reports about Binance trying to revive its crypto licensing plans in Singapore, the crypto exchange has set the record straight. Binance told Cointelegraph that Ceffu, its “independent institutional custody partner,” will apply for an institutional crypto custody license when Singapore’s central bank opens applications.
Singapore has established itself as a hub for crypto businesses owing to its flexible tax policies, access to diverse tech talent and convenient location, which allows companies to operate smoothly within the region in Asian time zones.
The Monetary Authority of Singapore (MAS) is expected to open up the crypto custody licenses for institutions after relevant amendments to their Payment Services Act. Cointelegraph reached out to Ceffu for insights on the Singaporean crypto market and its upcoming plans to offer crypto custody services to institutional clients.
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Athena Yu, vice president of Ceffu, told Cointelegraph that Singapore has a reputation for innovation, good corporate governance and a strong regulatory framework. Yu explained:
“Ceffu launched its Singapore business specifically to provide custody services to institutional investors. 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.“
According to a report published by Nikkei, the world’s leading cryptocurrency exchange recently rebranded its custodial arm to “Ceffu,” which launched its institutional custody services in Singapore in November 2022. The crypto exchange didn’t reveal its financial relationship with the rebranded crypto custodian.
Binance Custody is now Ceffu.— Ceffu (@CeffuGlobal) February 9, 2023
After more than a year of operation, we've rebranded to better reflect the breadth of our institutional custody and liquidity solutions.
Learn more ➡️ https://t.co/PVrygNZ8ZV pic.twitter.com/CWTpoS85Z1
Binance withdrew its crypto license application in December 2021, closin all operations in the country by February 2022. At the time, the crypto exchange said it withdrew its license because it had already invested in a regulated exchange in Singapore, and applying for a second license was “redundant.”
However, a report published in Bloomberg suggested the crypto exchange couldn’t meet regulators’ standards of Anti-Money Laundering measures.