Main crypto trade Binance has hinted at plans to reapply for a regulatory license in Singapore by its custody arm- Ceffu.
In December 2021, Binance withdrew its license software to the Financial Authority of Singapore (MAS) over regulatory considerations. Consequently, it closed its operations, barring retail customers from buying and selling on the trade.
Nonetheless, on Feb. 9, Binance rebranded its custodial arm- Binance Custody as Ceffu- to supply buying and selling providers to skilled traders.
In efforts to reenter Singapore, a Binance govt stated Ceffu would apply for a license to acquire regulatory approval from the MAS, Nikkei Asia stories on March 2.
Ceffu vice chairman Athena Yu advised Nikkei Asia
“Given town’s status in innovation, good company governance, and a robust regulatory framework, it’s no shock that institutional traders are drawn to arrange store right here.”
As well as, Binance has moved to extend its capabilities to fulfill regulatory calls for. Amidst its hiring spree in 2022, the trade reportedly targeted largely on using individuals with years of expertise in legislation enforcement and regulation.
