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

Leading crypto exchange Binance has hinted at plans to reapply for a regulatory license in Singapore through its custody arm- Ceffu.

In December 2021, Binance withdrew its license application to the Monetary Authority of Singapore (MAS) over regulatory concerns. Consequently, it closed its operations, barring retail users from trading on the exchange.

However, on Feb. 9, Binance rebranded its custodial arm- Binance Custody as Ceffu- to offer trading services to professional investors.

In efforts to reenter Singapore, a Binance executive said Ceffu would apply for a license to obtain regulatory approval from the MAS, Nikkei Asia reports on March 2.

Ceffu vice president Athena Yu told Nikkei Asia

“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.”

In addition, Binance has moved to increase its capabilities to meet regulatory demands. Amidst its hiring spree in 2022, the exchange reportedly focused largely on employing people with years of experience in law enforcement and regulation.

Journalist at CryptoSlate

Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.