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Binance is weighing up reapplying for a license to offer cryptocurrency services in Singapore, more than a year after its local unit withdrew its application for a permit by the MAS (Monetary Authority of Singapore)
According to a report by Nikkei, which cited executives within the exchange's custodial arm, Binance is set apply for a permit to offer such services "in due course."
The world's largest cryptocurrency exchange recently rebranded its custodial department to "Ceffu," which launched its institutional custody services in Singapore in November. Binance is aiming to obtain a license for this business, according to Nikkei.
#Binance Custody has officially launched its institutional custody services in Singapore 🇸🇬
— Ceffu (@CeffuGlobal) November 30, 2022
Learn more about how this affects Singapore-based institutional clients: https://t.co/fon2ChYeJY pic.twitter.com/hIqwSJLwcG
Prior to its move away from Singapore, Binance faced significant regulatory hurdles in the city state. The exchange withdrew its application for a MAS license in December 2021, and subsequently shut down its operations in February 2022.
According to a Bloomberg report which cited people with knowledge of the matter, the exchange did not meet the MAS' criteria for safeguarding against money laundering and terrorism financing. In September 2021, on MAS’ referral, the Commercial Affairs Department also commenced investigation into Binance for possible contravention of the Payment Services Act (PS Act).
Regulatory probes
Binance has been under scrutiny as of recent. Last month, the US Securities and Exchange Commission (SEC) opposed Binance's US$1 billion deal to purchase Voyager Digital's assets, citing concern over how Binance plans to repay Voyager’s former customers.
More recently, Crypto broker Paxos, which was the issuer of the Binance-branded BUSD stablecoin, officially ended its relationship with Binance, following the SEC's announcement that it intends to sue Paxos for violating investor protection laws.
Related: Binance CEO - Forbes Does "Not Understand Exchange Basics"
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