Binance planning to restart services in Singapore
Reportedly Binance Crypto exchange is trying to secure a crypto license in Singapore to restart crypto services again.
Binance is a popular & first ranked crypto platform, known for transparent & secured crypto services. This crypto company is already licensed in several countries and continuously seeking regulatory approval in other jurisdictions. Binance consists of many independent subsidiaries to show its presence in almost every country, where laws are highly strict e.g US, UK, etc.
On 2 March 2023, Reuters reported that the Binance exchange now engaged to secure a green signal from the Singapore’ watchdog to provide crypto services.
As per the report, Binance’s custody arm Ceffu, formerly Binance’s Secure Asset Fund for Users (SAFU), is looking to apply for a Capital Markets Service license with the Monetary Authority of Singapore (MAS).
Initially, Binance suspended its services for Singapore customers in Feb 2022 because the exchange was failing to meet the regulatory standards of Singapore’s crypto laws. In Dec 2021, Binance’ Crypto license expired but the exchange failed to renew it.
At that time, Binance exchange failed to introduce new changes in its platform to comply with regulatory systems and it was the big reason why the exchange decided not to renew its license with MAS agency.
Athena Yu, vice president at Ceffu, said:
“Given the city’s reputation in innovation, good corporate governance, and a strong regulatory framework, it’s no surprise that institutional investors are attracted to set up shop here.”
It is worth it to note that Binance suspended its services for retail investors, on behalf of the pressure from the Singapore watchdog, but its crypto services were open to institutional investors.
Few experts noted that Binance will easily secure regulatory approval from the MAS agency because its team introduced all the mandatory changes in its pre-crypto services, to comply with the regulatory systems with full perfection.
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