Ceffu, Binance partner to apply for license in Singapore
2023.03.02 13:03
Ceffu, Binance partner to apply for license in Singapore
By Kristina Sobol
Budrigannews.com – The crypto exchange has clarified the facts in light of a number of reports suggesting that Binance is attempting to revive its plans to license cryptocurrencies in Singapore. Ceffu, Binance’s “independent institutional custody partner,” will submit an application for an institutional crypto custody license when Singapore’s central bank opens applications, the company told Cointelegraph.
Due to its adaptable tax policies, access to a wide range of tech talent, and convenient location, Singapore has become a hub for crypto businesses, allowing them to operate smoothly in Asian time zones.
After making the necessary modifications to their Payment Services Act, the Monetary Authority of Singapore (MAS) is anticipated to grant institutions crypto custody licenses. contacted Ceffu for information on the Singaporean cryptocurrency market and its upcoming plans to provide institutional clients with crypto custody services.
Ceffu vice president Athena Yu stated that Singapore has a strong regulatory framework, a reputation for innovation, and good corporate governance. Yu elaborated:
The purpose of Ceffu’s Singapore operation was to offer custody services to institutional investors. Ceffu will submit its official application to the MAS as soon as the relevant amendments to the Payment Services Act go live and the application for a custody license opens.
Nikkei reported that the world’s leading cryptocurrency exchange recently changed its custodial arm’s name to “Ceffu.” In November 2022, the company will begin offering institutional custody services in Singapore. The rebranded crypto custodian’s financial relationship with the cryptocurrency exchange was not made public.
Ceffu is currently Binance Custody.
We’ve changed our name to better reflect the range of our institutional custody and liquidity solutions after more than a year in business.
In December 2021, Binance withdrew its application for a crypto license, ceasing all operations in the country by February 2022. At the time, the cryptocurrency exchange claimed that applying for a second license was redundant because it had already invested in a Singapore-regulated exchange.
However, a Bloomberg report suggested that the cryptocurrency exchange could not meet anti-money laundering regulations.
