Binance Makes Another Bid For Singapore License Amid US Probe

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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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]