Amid various reports about Binance trying to revive its crypto licensing plans in Singapore, the crypto exchange has come out to set the record straight. Binance told Cointelegraph that Ceffu, its"independent institutional custody partner," is the one looking to apply for an institutional crypto custody license when Singapore’s central bank opens up applications.
The Monetary Authority of Singapore is expected to open up the crypto custody licenses for institutions after relevant amendments to their Payment Services Act. Cointelegraph reached out to Ceffu to get their insights on the Singaporean crypto market and their upcoming plans of offering crypto custody services to institutional clients.Athena Yu, vice president of Ceffu, told Cointelegraph that Singapore has a reputation for innovation, good corporate governance and a strong regulatory framework.
“Ceffu launched its Singapore business specifically to provide custody services to institutional investors. Once the relevant amendments to the Payment Services Act go live and the application for a custody license opens, Ceffu will make its official application with the MAS."in Nekki, the world's leading cryptocurrency exchange recently rebranded its custodial arm to"Ceffu", which launched its institutional custody services in Singapore in November.
Singapore has established itself as a hub for crypto businesses owing to its flexible tax policies, access to diverse tech talent and convenient location, which allows companies to operate smoothly within the region in Asian time zones.
binance is making a lot of noise recently
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