Binance custody arm ‘Ceffu’ to apply for license in Singapore

Major cryptocurrency exchange Binance has hinted at plans to reapply for a regulatory license in Singapore through its custody arm, Sef.

In December 2021, Binance withdrew its license application with the Monetary Authority of Singapore (MAS), citing regulatory concerns. As a result, it has banned retail users from trading on the exchange and closed its business.

However, on February 9, Binance renamed Its administrative arm, Binance Custody as Ceffu, provides trading services to professional investors.

A Binance executive said Ceffu will apply for a license from the MAS for regulatory approval, with the aim of re-entering Singapore. Nikkei Asia Report on March 2nd.

Ceffu vice president Athena Yu told Nikkei Asia:

Given the citys reputation for innovation, good corporate governance and a strong regulatory framework, it is no surprise that institutional investors are drawn to set up shop here.

Additionally, Binance has moved to increase its ability to meet regulatory demands. Amid a surge in hiring in 2022, the exchange reportedly focused primarily on hiring people with years of experience in law enforcement and regulation.

Journalist at CryptoSlate

Christian is a crypto-obsessed geek who loves exploring how protocols work under the hood. Christian has interests in DeFi protocol research, token economics, and on-chain analytics.