Binance, the largest cryptocurrency exchange in the world, is aiming to re-establish itself in Singapore's crypto hub. This follows its complete withdrawal from crypto trading operations in February 2020.
Binance's custody subsidiary, Ceffu, intends to apply for a Capital Markets Service license with the Monetary Authority of Singapore (MAS). The purpose of this application is to enable Ceffu to offer crypto custody services to corporate clients in Singapore. Recently, Binance Custody was rebranded to Ceffu, taking inspiration from Binance's Secure Asset Fund for Users (SAFU).
Athena Yu, the vice president of Ceffu, has commented on the increasing interest from institutional investors in Singapore. She stated that the city's reputation for innovation, good corporate governance, and a robust regulatory framework has made it an attractive destination for such investors to establish a presence.
Binance had a significant presence in Singapore until it faced regulatory challenges from the Monetary Authority of Singapore (MAS), which led to the crypto exchange exiting the market. Binance's license was not renewed by the MAS in 2021, as the crypto exchange did not comply with the regulator's requirements. In response, Binance has made several changes to address the regulators' directives. According to Jarek Jakubcek, the head of law enforcement training at Binance, the company has been hiring people with significant experience in law enforcement and regulations to strengthen its compliance efforts.
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