Binance Custody Arm Seeks to Obtain Singapore License

Binance is looking to re-enter Singapore to offer its services in the city-state. As such, the cryptocurrency giant plans to apply for a permit for its custody arm at an “opportune time,” according to the Nikkei Asia report.

Ceffu, formerly known as Binance Custody, is a company that offers custody and liquidity solutions. It has been operating as a separate, dedicated platform and is designed to meet the needs of institutional clients.

• He Renaissance of the Singapore offering, having the Ceffu license, could mean that Binance will transition from retail to corporate clients.
• Singapore has been tricky territory for exchange. In December 2021, the CZ-led company withdrew its digital payment token license application in the city-state and hinted at closing its local subsidiary without going into details beyond “strategic, business and development” considerations.
• Across the Pacific, Binance is under investigation by regulatory agencies such as the US Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC).
• Caught in a regulatory crackdown, the company is focusing heavily on compliance and regulation. His head of police training, Jarek Jakubcek, was quoted as saying:

“If you look at recent hires, you’ll see that Binance is hiring people with years of experience in law enforcement and regulations.”

• In a recent interview, the company’s chief strategy officer, Patrick Hillmann, admitted mistakes during the implementation of its security procedures to combat money laundering activities in the first few years after launch.
• Binance is currently in talks with regulators in the US and expects to pay fines for its past conduct.