Binance, a leading cryptocurrency exchange, has announced its plan to apply for a license in Singapore for its custodial arm, Ceffu. According to a report from Nikkei Asia, Binance is seeking a Capital Markets Service license to offer digital asset services and custody to professional investors in the country.
Athena Yu, the Vice President of Ceffu, confirmed in a statement to Reuters that the company would apply for the license with the Monetary Authority of Singapore (MAS) once the Payment Services Act has been updated, and the application window opens.
Binance’s Head of Law enforcement training, Jarek Jakubcek, also revealed that the company has been recruiting people with law enforcement and regulatory experience to comply with regulatory standards in Asia.
Ceffu, formerly known as Binance Custody, underwent a rebranding in February 2023. Its new name was derived from Binance’s Security Asset Fund for Users (SAFU). This is not Binance’s first attempt to obtain a license to operate in Singapore, as the company had previously applied for one. However, in December 2021, Binance withdrew its application after failing to meet the anti-money laundering requirements set by the regulatory body.
In October 2022, MAS proposed regulatory measures for digital payment token companies to protect consumers from incurring significant losses through speculative trading of digital assets and tokens. That same month, Coinbase obtained a Digital Payment Token (DPT) license to operate in Singapore.
The Monetary Authority of Singapore is the regulatory body responsible for establishing and implementing rules for financial institutions in Singapore. The body also develops the country’s financial sector. It was created in 1971, and the current Chairman is Tharman Shamnugaratnam, who has been serving since 2011.
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