According to a Nikkei Asia report, global cryptocurrency exchange Binance’s custodial arm Ceffu plans to apply for a license in Singapore to offer custodial services.
Last month, Binance Custody rebranded to the name Ceffu taking inspiration from Binance’s SAFU (Secure Asset Fund for Users).
With this license, Binance is reportedly trying to establish a presence in Singapore after being scrutinized by the country.
Ceffu’s plans are made clear as the Monetary Authority of Singapore (MAS) prepares to provide institutions with crypto custody licenses following the modifications to their Payment Services Act.
Athena Yu, Ceffu’s Vice President, stated: “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.”
“Ceffu launched its Singapore business specifically to provide custody services to institutional investors. Once the relevant amendments to the Payment Services Act go live and the application for a custody license opens, Ceffu will make its official application with the MAS, “Yu added.
In December 2021, Binance Singapore pulled out the crypto license application from the MAS. Binance’s CEO CZ later stated that the company’s decision to withdraw its application was driven by its investment in HGX, which the MAS granted a recognized market operator license.
