Giant Cryptocurrency Exchange Prepares To Get Licensed In Singapore!

world’s largest cryptocurrency stock market Binance, in Singapore made an attempt to obtain a license as a custodian.

Cryptocurrency Exchange Binance Gets License to Become a Custodian in Singapore

Binance’s custodian, which was rebranded as Ceffu in early February, is applying for a Capital Markets Service license from the Monetary Authority of Singapore to provide custody services in the country.

Binance’s move to license it as a custodian in Singapore is not surprising given the increasing regulatory scrutiny that cryptocurrency exchanges are facing around the world.

Custodians are responsible for holding and protecting cryptocurrencies on behalf of customers and are subject to stringent regulatory requirements.

Binance has faced regulatory challenges in various countries, including the United States, Japan, and the United Kingdom. The exchange had to downsize its operations in some jurisdictions and even faced legal action from regulators.

Singapore is an attractive market for crypto exchanges as it is home to a thriving fintech industry and has a supportive regulatory environment.

Being licensed as a custodian in the country will allow Binance to serve its clients in Singapore while demonstrating its commitment to complying with local regulations.

All in all, Binance’s move to license it as a custodian in Singapore is a strategic move given the increasing regulatory scrutiny crypto exchanges are facing around the world.

If successful, the license will allow Binance to expand its services in Singapore while demonstrating its commitment to complying with local regulations.

However, given the difficulties that other cryptocurrency exchanges face in obtaining licenses in Singapore and other jurisdictions, it is not yet clear whether Binance will be successful in its application.

*Not investment advice.