• Binance’s custody arm Ceffu is reportedly applying for a Capital Markets Service license from the Monetary Authority of Singapore to provide custodial services in the country.
• Hex Trust, Coinbase and Binance have all received similar licenses in Singapore over the past year.
• Binance withdrew from Singapore in December 2021 due to having already invested in a regulated exchange there, but is now attempting to receive a new license as a custodian.
Binance Custody Arm Applies for Singapore License
Binance has rebranded its custody arm to Ceffu and is reportedly applying for a Capital Markets Service license from the Monetary Authority of Singapore (MAS). The exchange’s move comes after other crypto-related companies, such as Hex Trust and Coinbase, have received similar licenses in Singapore over the past year.
Ceffu Aiming to Provide Custodial Services
Ceffu will aim to provide custodial services for institutional investors and high net-worth individuals, not retail clients. According to MAS regulations, this would require Ceffu to meet certain standards of customer protection and record-keeping requirements.
Why Has Binance Applied for This License?
Binance withdrew from Singapore in December 2021 due to having already invested in a regulated exchange there. However, it appears that Binance is now making attempts at receiving another license as a custodian. If granted by MAS, this would allow them access into providing their services within the region more directly than before.
What Could This Mean For Crypto In Singapore?
The granting of this license could open up greater opportunities for institutions interested in investing into cryptocurrencies within Singapore – allowing them access to secure storage solutions specifically designed with them in mind. It could also pave the way for further regulations around digital assets within the region that may attract more investors further down the line should they be welcomed with open arms by local authorities.
Conclusion
Binance’s application for an MAS license shows that it wants to be able to offer its services within the region once again – this time as an official provider of custodial services under strict regulatory guidelines set out by authorities in Singapore. If granted by MAS this could open up greater opportunities for institutions interested in investing into cryptocurrencies within the country – creating potential long term benefits that can only be speculated at this stage of proceedings.