Binance’s custody unit Ceffu said on Thursday it is planning to apply for a permit to offer payment services in Singapore, as the crypto exchange makes another attempt to function in the crypto-friendly city-state.
“Once the relevant amendments to the Payment Services Act go live and the application for a custody licence opens, Ceffu will make its official application with the MAS (Monetary Authority of Singapore),” the unit’s Vice President Athena Yu said in a statement to Reuters.
The development comes at time when Binance is facing increasing scrutiny by regulators in the US.
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The unit, launched in 2021, was recently rebranded to Ceffu from Binance Custody.
Late last year US crypto exchange Coinbase, Crypto.com and DBS Vickers – the brokerage run by Singapore’s largest bank DBS – received similar approval from the central bank to offer payment services in the country.
Binance has earlier faced challenges in Singapore. Its affiliate Binance Asia Services withdrew a local licence application in December 2021 without giving a reason beyond “strategic, commercial and developmental” considerations.
- Reuters, with additional editing by Vishakha Saxena
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