Reported Nikkei, Binance is planning to apply for a cryptocurrency services license in Singapore. The exchange’s custody unit, which it rebranded as Ceffu in early February, is applying for a Capital Markets Service license from the Monetary Authority of Singapore to provide custodial services in-country,
The rebranded business caters to professional investors looking for custodial and other digital asset services. Binance shut its Singapore platform to retail investors in 2020. The crypto giant has faced challenges in Singapore, including the city-state's tougher stance on crypto speculation activities. Binance's local unit dropped its bid for a domestic license from the Monetary Authority of Singapore (MAS) in 2021, accompanied by an abrupt exit from direct retail services in the city-state, following an MAS order to stop soliciting Singapore users without a permit.
The MAS is reviewing feedback from industry players concerning proposals to expand its reach to safeguard consumer interests in the crypto space, including a ban on credit lines to fund cryptocurrency purchases and requiring client assets to be kept separate from company holdings. The proposed measures set up a tighter operating environment for crypto companies in Singapore, increasing compliance expenses.
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