Singapore arm of Binance exchange acquires 18% in a private stock exchange

Binance Asia Services acquired 18% stakes in the private stock exchange Hg Exchange (HGX).

Binance is a popular crypto exchange of the crypto industry and this is popularly known as global crypto exchange and its pro-level services. The countries, where Binance can’t operate its crypto business, have an independent arm of the exchange to give crypto services.

At present, Binance is not giving its crypto-related services to Singapore users. However, Binance Asia Services is still working in Singapore, which is an independent arm of Binance exchange. 

On 7 December, Exchange announced that they acquired 18% stakes in the Hg Exchange (HGX), a private stock exchange. 

HGX is a private stock exchange, which has a proper license from the Monetary Authority of Singapore (MAS), which is also responsible for the regulation of the crypto market. 

Richard Teng, CEO of Binance Singapore, said that new investment in the stock exchange HGX will help Binance and HGX to provide high scale services in Singapore, and also they will try to use the blockchain technology at an advanced level with better use cases. 

Further, Teng said that the main aim of this acquisition of Binance Singapore is to work with the HGX with the revolution in blockchain by converging the crypto and traditional market offerings.

Richard Teng is a highly expert person, who has experience working as a CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market. In August 2022, he joined Binance Singapore to evolve the crypto services in Singapore under compliance and more perfectly. 

Richard Teng also said that they are continuously working to push the adoption of blockchain technology and crypto-related services under compliance with the regulatory agencies and also they are hiring local talent. 

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