Binance unit plans bid for Singapore crypto licence

BINANCE’S custody unit Ceffu said on Thursday (Mar 2) 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 unit, launched in 2021, was recently rebranded to Ceffu from Binance Custody.

Late last year US crypto exchange Coinbase, Crypto.com and DBS Vickers – 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