Binance custody partner clarifies Singapore licensing plans

Amid assorted reports astir Binance trying to revive its crypto licensing plans successful Singapore, the crypto speech has travel retired to acceptable the grounds straight. Binance told Cointelegraph that Ceffu, its "independent organization custody partner," is the 1 looking to use for an organization crypto custody licence erstwhile Singapore’s cardinal slope opens up applications.

Singapore has established itself arsenic a hub for crypto businesses owing to its flexible taxation policies, entree to divers tech talent, and its convenient determination that allows companies to run smoothly wrong the portion successful Asian clip zones. 

The Monetary Authority of Singapore (MAS) is expected to unfastened up the crypto custody licenses for institutions aft applicable amendments to their Payment Services Act. Cointelegraph reached retired to Ceffu to get their insights connected the Singaporean crypto marketplace and their upcoming plans of offering crypto custody services to organization clients.

Related: Binance CEO responds to Forbes claims: ‘They don’t cognize however an speech works’

Athena Yu, vice president of Ceffu, told Cointelegraph that Singapore has a estimation for innovation, bully firm governance and a beardown regulatory framework. It's nary astonishment that organization investors are attracted to mounting up store here. She explained:

“Ceffu launched its Singapore concern specifically to supply custody services to organization investors. Once the applicable amendments to the Payment Services Act spell unrecorded and the exertion for a custody licence opens, Ceffu volition marque its authoritative exertion with the MAS."

According to a study published successful Nekki, the world's starring cryptocurrency speech precocious rebranded its custodial limb to "Ceffu", which launched its organization custody services successful Singapore successful November. The crypto speech didn't uncover their fiscal narration with the rebranded crypto custodian. 

— Ceffu (@CeffuGlobal) February 9, 2023

Binance withdrew its crypto licence exertion earlier MAS successful December 2021 and yet closed down each operations successful the state by February 2022. At the time, the crypto speech had said that they withdrew their licence due to the fact that they had already invested successful a regulated speech successful Singapore, and applying for a 2nd licence was “redundant.”

However, a report published successful Bloomberg suggested that the crypto speech couldn’t conscionable regulators' modular of anti-money laundering measures.