Binance’s Custody Arm Looking to Score Singapore License
Binance is looking to re-enter Singapore to offer its services in the city-state. As such, the crypto giant plans to apply for a permit for its custodial arm in “due course,” per Nikkei Asia’s report. The revival of the Singapore bid, by having Ceffu licensed, could mean that Binance will be pivoting from retail to corporate clients.
Singapore has been a tricky territory for the exchange. In December 2021, the CZ-led company withdrew its application for a Digital Payment Token license in the city-state and hinted at shutting its local subsidiary without going into details beyond “strategic, commercial, and developmental” considerations. On the other side of the Pacific, Binance is being investigated by regulatory agencies such as the US Department of Justice (DOJ) as well as the Commodity Futures Trading Commission (CFTC). Binance is hiring people with years of experience in law enforcement and regulations.”.
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