Amid various reports that Binance is trying to revive its cryptocurrency licensing program in Singapore, the cryptocurrency exchange has broken records. Binance told Cointelegraph that its “independent institutional custody partner,” Ceffu, will apply for an institutional cryptocurrency custody license when Singapore’s central bank opens applications.
Singapore has become a hub for crypto businesses with its flexible tax policies, diverse tech talent pool, and convenient location, which allows companies to operate smoothly within the Asian time zone.
The Monetary Authority of Singapore (MAS) is expected to open up cryptocurrency custody licenses to institutions following relevant amendments to its Payment Services Act. Cointelegraph reached out to Ceffu about the Singapore crypto market and its upcoming plans to offer crypto custody services to institutional clients. Athena Yu, vice president of Ceffu, told Cointelegraph that Singapore has a strong reputation for innovation, good corporate governance, and a strong regulatory framework. Yu explained: “Ceffu launched its Singapore business specifically to provide custody services to institutional investors. Once the relevant amendments to the Payment Services Act go live and the application for a custody license opens, Ceffu will make its official application with the MAS.“
According to a report published by Nikkei, the world’s leading cryptocurrency exchange recently rebranded its custody division as “Ceffu” and launched institutional custody services in Singapore in November 2022. The cryptocurrency exchange did not disclose its financial relationship with the rebranded cryptocurrency custodian. Binance withdrew its crypto license application in December 2021 and closed all operations in the country by February 2022. At the time, the crypto exchange said the withdrawal of the license was because it had already invested in a regulated exchange in Singapore and applying for a second license was "redundant."
However, a report published by Bloomberg suggests that cryptocurrency exchanges are unable to meet the regulator’s standards for anti-money laundering measures.
