Amid numerous studies about Binance attempting to revive its crypto licensing plans in Singapore, the crypto alternate has set the file straight. Binance advised Cointelegraph that Ceffu, its “impartial institutional custody associate,” will apply for an institutional crypto custody license when Singapore’s central financial institution opens functions.
Singapore has established itself as a hub for crypto companies owing to its versatile tax insurance policies, entry to numerous tech expertise and handy location, which permits firms 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 Fee Companies Act. Cointelegraph reached out to Ceffu for insights on the Singaporean crypto market and its upcoming plans to supply crypto custody companies to institutional purchasers.
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Athena Yu, vice chairman of Ceffu, advised Cointelegraph that Singapore has a repute for innovation, good company governance and a robust regulatory framework. Yu defined:
“Ceffu launched its Singapore enterprise particularly to supply custody companies to institutional traders. As soon as the related amendments to the Fee Companies Act go stay and the applying for a custody license opens, Ceffu will make its official utility with the MAS.“
According to a report revealed by Nikkei, the world’s main cryptocurrency alternate lately rebranded its custodial arm to “Ceffu,” which launched its institutional custody companies in Singapore in November 2022. The crypto alternate didn’t reveal its monetary relationship with the rebranded crypto custodian.
Binance Custody is now Ceffu.
After greater than a 12 months of operation, we have rebranded to higher replicate the breadth of our institutional custody and liquidity options.
Be taught extra ➡️ https://t.co/PVrygNZ8ZV pic.twitter.com/CWTpoS85Z1
— Ceffu (@CeffuGlobal) February 9, 2023
Binance withdrew its crypto license utility in December 2021, closin all operations within the nation by February 2022. On the time, the crypto alternate mentioned 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 revealed in Bloomberg instructed the crypto alternate couldn’t meet regulators’ requirements of Anti-Cash Laundering measures.
