Main crypto trade Binance has hinted at plans to reapply for a regulatory license in Singapore by means of its custody arm- Ceffu.
In December 2021, Binance withdrew its license software to the Financial Authority of Singapore (MAS) over regulatory issues. Consequently, it closed its operations, barring retail customers from buying and selling on the trade.
Nevertheless, on Feb. 9, Binance rebranded its custodial arm- Binance Custody as Ceffu- to supply buying and selling companies to skilled buyers.
In efforts to reenter Singapore, a Binance government mentioned Ceffu would apply for a license to acquire regulatory approval from the MAS, Nikkei Asia stories on March 2.
Ceffu vp Athena Yu instructed Nikkei Asia
“Given the town’s repute in innovation, good company governance, and a robust regulatory framework, it’s no shock that institutional buyers 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.
