Binance’s Custody Arm Looking to Score Singapore License

Binance is looking to re-enter Singapore to offer its services in the city-state. As such, the crypto giant plans to apply for a permit for its custodial arm in “due course,” per Nikkei Asia’s report.

Ceffu, formerly known as Binance Custody, is a firm offering custody and liquidity solutions. It has been operating as a separate, dedicated platform and is designed to cater to the needs of institutional clients.

  • The revival of the Singapore bid, by having Ceffu licensed, could mean that Binance will be pivoting from retail to corporate clients.
  • Singapore has been a tricky territory for the exchange. In December 2021, the CZ-led company withdrew its application for a Digital Payment Token license in the city-state and hinted at shutting its local subsidiary without going into details beyond “strategic, commercial, and developmental” considerations.
  • On the other side of the Pacific, Binance is being investigated by regulatory agencies such as the US Department of Justice (DOJ) as well as the Commodity Futures Trading Commission (CFTC).
  • Being caught up in a regulatory crackdown, the company is focusing heavily on compliance and regulation. Its head of law enforcement training, Jarek Jakubcek, was quoted saying:

“If you take a look at recent hirings, you will see that Binance is hiring people with years of experience in law enforcement and regulations.”

  • In a recent interview, the company’s Chief Strategy Officer Patrick Hillmann admitted missteps during the implementation of its security procedures to combat money laundering activities during the initial years after launch.
  • Binance is currently in discussions with the regulators in the US and expects to pay fines for its past conduct.

The post Binance’s Custody Arm Looking to Score Singapore License appeared first on CryptoPotato.

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