• Binance, the world’s largest crypto exchange, is planning to secure cryptocurrency services in Singapore again.
• The custodial arm of the exchange, Ceffu, is applying for a Capital Markets Service license with the Monetary Authority of Singapore (MAS).
• U.S. watchdogs have opposed a proposal made by Binance.US, the United States arm of the crypto exchange.
Binance Reapplies for Crypto Services Permit in Singapore
Binance, the world’s largest crypto exchange, is reportedly trying to secure cryptocurrency services in Singapore again. The custodial arm of the exchange plans to apply for a permit in order to start providing crypto services in Singapore. Although Singapore has been fairly well disposed toward crypto in the past, the country had posed certain challenges for the exchange. Just a year ago, in February, the crypto exchange shuttered operations in Singapore due to pressure from MAS and failed to incorporate changes required by regulators.
Ceffu Applying For Capital Markets Service License With MAS
Athena Yu, vice president at Ceffu (formerly known as Binance’s Secure Asset Fund for Users (SAFU)), stated that given Singapore’s reputation in innovation and good corporate governance along with its strong regulatory framework it makes sense why institutional investors are attracted to set up shop here. As such Ceffu shall be applying for a Capital Markets Service license with MAS so as to re-enter into offering cryptocurrency services in Singapore once again.
Binance US Proposal Opposed By US Watchdogs
However despite this positive move market watchdogs based out of America have imposed stiff regulatory pressure on Binance by opposing a proposal made by Binance US which was an attempt from them to acquire assets from another company called Avanti Bank & Trust LLC .
Changes Made To Meet Regulators Requirements
Jarek Jakubcek who serves as head of law enforcement training at Binance mentioned that after their license was revoked they had gone ahead and implemented several changes so as make sure that they met all requirements laid down by regulators before reapplying for their permit..
Conclusion
The new application submitted by Ceffu will hopefully result into them being granted their permit and they can then go on and provide cryptocurrency services once again within Singapore while also taking into consideration all regulations laid down by local authorities there .