Binance custody companion clarifies Singapore licensing plans

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Amid varied stories about Binance attempting to revive its crypto licensing plans in Singapore, the crypto alternate has set the report straight. Binance informed Cointelegraph that Ceffu, its “unbiased institutional custody companion,” will apply for an institutional crypto custody license when Singapore’s central financial institution opens purposes.

Singapore has established itself as a hub for crypto companies owing to its versatile tax insurance policies, entry to various tech expertise and handy location, which permits corporations to function easily inside the area in Asian time zones. 

The Financial Authority of Singapore (MAS) is predicted to open up the crypto custody licenses for establishments after related amendments to their Cost Companies Act. Cointelegraph reached out to Ceffu for insights on the Singaporean crypto market and its upcoming plans to supply crypto custody providers to institutional shoppers.

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Athena Yu, vp of Ceffu, informed Cointelegraph that Singapore has a status for innovation, good company governance and a powerful regulatory framework. Yu defined:

“Ceffu launched its Singapore enterprise particularly to offer custody providers to institutional traders. As soon as the related amendments to the Cost Companies Act go stay and the appliance for a custody license opens, Ceffu will make its official software with the MAS.“

In accordance to a report printed by Nikkei, the world’s main cryptocurrency alternate just lately rebranded its custodial arm to “Ceffu,” which launched its institutional custody providers in Singapore in November 2022. The crypto alternate didn’t reveal its monetary relationship with the rebranded crypto custodian.

Binance withdrew its crypto license software in December 2021, closin all operations within the nation by February 2022. On the time, the crypto alternate stated it withdrew its license as a result of it had already invested in a regulated alternate in Singapore, and making use of for a second license was “redundant.”

Nonetheless, a report printed in Bloomberg steered the crypto alternate couldn’t meet regulators’ requirements of Anti-Cash Laundering measures.