In line with the reports announced by Nikkei Asia, Binance is starting its licensing efforts in Singapore as a “depositor”.
The issue of “licensing” for the crypto industry has been accelerating lately. Especially in the news coming from the Asian side, “license application” activities were observed frequently. Nikkei Asia stated that in the light of the reports it published, Binance is working on obtaining a license in Singapore. However, he added that the move to obtain a license would be more of a custodian rather than a clear task. In addition, Binance reported that it was withdrawing from Singapore in December 2021. With this step, Binance seems to have warmed up to Singapore again.
Binance Restores Good Relations with Singapore
According to a published report, Binance has applied to the Monetary Authority of Singapore with its new brand, which it calls Ceffu, at the beginning of February. Binance, which aims to provide custody services in the country with the Ceffu brand, has confirmed that it has applied for a license for the Capital Markets Service.
In addition, Ceffu, who was reported to be working as a custodian, added that it will only operate for institutional investors and high-income individuals, not for retail customers. Binance, which terminated its Singapore activities in December of 2021, has been active in the region again with this move.
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