Binance custody arm ‘Ceffu’ to apply for license in Singapore

Main crypto trade Binance has hinted at plans to reapply for a regulatory license in Singapore by way of its custody arm- Ceffu.

In December 2021, Binance withdrew its license utility to the Financial Authority of Singapore (MAS) over regulatory considerations. Consequently, it closed its operations, barring retail customers from buying and selling on the trade.

Nevertheless, on Feb. 9, Binance rebranded its custodial arm- Binance Custody as Ceffu- to supply buying and selling companies to skilled buyers.

In efforts to reenter Singapore, a Binance government stated Ceffu would apply for a license to acquire regulatory approval from the MAS, Nikkei Asia studies on March 2.

Ceffu vice chairman Athena Yu informed Nikkei Asia

“Given the town’s popularity in innovation, good company governance, and a powerful regulatory framework, it’s no shock that institutional buyers are drawn to arrange store right here.”

As well as, Binance has moved to extend its capabilities to fulfill regulatory calls for. Amidst its hiring spree in 2022, the trade reportedly centered largely on using individuals with years of expertise in regulation enforcement and regulation.

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