​Binance custody partner clarifies Singapore licensing plans. | Crypto Shake

​Binance custody partner clarifies Singapore licensing plans.

Binance recently rebranded its custody arm, now called Ceffu, which launched in Singapore in November 2022.

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.