Binance Custodial Arm Ceffu a license application in Singapore.

Binance Custodial Arm Ceffu a license application in Singapore.

Altcoin news, News

According to a Nikkei Asia report, global cryptocurrency exchange Binance’s custodial arm Ceffu plans to apply for a license in Singapore to offer custodial services. 

Last month, Binance Custody rebranded to the name Ceffu taking inspiration from Binance’s SAFU (Secure Asset Fund for Users). 

Binance is apparently aiming to build a footprint in Singapore with the use of this license after the nation conducted an investigation into the company.

The specifics of Ceffu’s intentions have become more transparent in light of the fact that the Monetary Authority of Singapore (MAS) is getting ready to provide crypto custody licenses to institutions in response to changes made to their Payment Services Act.

“With the city’s reputation in innovation, sound corporate governance, and a robust regulatory environment, it’s no wonder that institutional investors are drawn to set up business here,” said Athena Yu, Vice President of Ceffu.

“The provision of custody services to institutional investors was the primary motivation for Ceffu’s establishment of a firm in Singapore. Ceffu will make its formal application with the MAS as soon as the relevant modifications to the Payment Services Act become online and the application for a custody license opens, Yu noted.

The cryptocurrency exchange Binance Singapore withdrew its application for a license from the MAS in December of 2021. Later on, the CEO of Binance, CZ, indicated that the company’s decision to withdraw its application was influenced by its investment in HGX, to whom the MAS awarded a recognized market operator license. CZ’s statement was made in the context of an interview.

Compiled by Coinbold

Binance, CZ