Main crypto alternate Binance has hinted at plans to reapply for a regulatory license in Singapore via its custody arm- Ceffu.
In December 2021, Binance withdrew its license utility to the Financial Authority of Singapore (MAS) over regulatory issues. Consequently, it closed its operations, barring retail customers from buying and selling on the alternate.
Nonetheless, on Feb. 9, Binance rebranded its custodial arm- Binance Custody as Ceffu- to supply buying and selling providers to skilled traders.
In efforts to reenter Singapore, a Binance government mentioned Ceffu would apply for a license to acquire regulatory approval from the MAS, Nikkei Asia stories on March 2.
Ceffu vice chairman Athena Yu instructed Nikkei Asia
“Given town’s popularity in innovation, good company governance, and a powerful regulatory framework, it’s no shock that institutional traders are interested in arrange store right here.”
As well as, Binance has moved to extend its capabilities to fulfill regulatory calls for. Amidst its hiring spree in 2022, the alternate reportedly centered largely on using individuals with years of expertise in legislation enforcement and regulation.