Binance unit plans bid for Singapore crypto license

Binance’s custody unit Ceffu mentioned on Thursday it’s planning to use for a allow to supply cost providers in Singapore, because the crypto trade makes one other try to operate within the crypto-friendly city-state.

“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 (Monetary Authority of Singapore),” the unit’s Vice President Athena Yu mentioned in a press release to Reuters.

The unit, launched in 2021, was not too long ago rebranded to Ceffu from Binance Custody.

Late final 12 months U.S. crypto trade Coinbase, Crypto.com and DBS Vickers – brokerage run by Singapore’s largest financial institution DBS – obtained related approval from the central financial institution to supply cost providers within the nation.

Binance has earlier confronted challenges in Singapore. Its affiliate Binance Asia Services withdrew a neighborhood license software in December 2021 with out giving a cause past “strategic, commercial and developmental” concerns.

(Reporting by Nilutpal Timsina, Mrinmay Dey and Maria Ponnezhath in Bengaluru; Editing by Savio D’Souza and Eileen Soreng)

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