December 8, 2023

Binance Ceffu applies for a license in Singapore

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Binance Ceffu applies for a license in Singapore

The largest cryptocurrency exchangeintends, through its own service Ceffu, to make a new attempt to obtain permission to provide crypto services in Singapore, this time limiting itself to corporate clients.

According to a statement from the Binance depository teamCeffu, the application for a license from the Monetary Authority of Singapore (MAS) will be submitted very soon. If approved, the company will be able to offer custody services to local institutional investors.

"Excellent reputation for innovation,High levels of corporate governance and a strong regulatory framework attract institutional investors from all over the world to open their offices in Singapore. Ceffu will focus its activities on serving professional investors who are interested in digital asset custody services,” said Athena Yu, vice president of Ceffu.

The Binance exchange does not disclose its share of participation in the project, and the Ceffu depository is declared to MAS as an independent division, an “independent institutional custody partner.”

The launch of the Ceffu depository service wasannounced by the Binance exchange in November last year. The service has become an updated version of the custody services platform for corporate clients Binance Custody.

The Binance cryptocurrency exchange has historicallycomplex relationship with MAS. In 2021, amid a tightening of the regulator’s position regarding cryptocurrency trading within the city-state, the local Binance unit refused
from your application for internallicenses and ceased providing retail services. Binance said at the time that its exit from the market was due to the fact that the exchange had already invested in a regulated exchange in Singapore and applying for a second license was redundant.