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.
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