{"id":558531,"date":"2023-03-02T14:19:25","date_gmt":"2023-03-02T11:19:25","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-custody-partner-clarifies-singapore-licensing-plans\/"},"modified":"2023-03-02T14:19:25","modified_gmt":"2023-03-02T11:19:25","slug":"binance-custody-partner-clarifies-singapore-licensing-plans","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-custody-partner-clarifies-singapore-licensing-plans\/","title":{"rendered":"# Binance custody partner clarifies Singapore licensing plans"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27836165023\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27836165023\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-custody-partner-clarifies-singapore-licensing-plans\/#%E2%80%9D_Binance_custody_partner_clarifies_Singapore_licensing_plans_%E2%80%9C\" >&#8221; Binance custody partner clarifies Singapore licensing plans &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Binance_custody_partner_clarifies_Singapore_licensing_plans_%E2%80%9C\"><\/span>&#8221; Binance custody partner clarifies Singapore licensing plans &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvZWJkZDNjZTEtOTRlMS00Njc5LThmODctOTg5MjZiOWVhY2M5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Amid various reports about Binance trying to revive its crypto licensing plans in Singapore, the crypto exchange has come out to set the record straight. Binance told Cointelegraph that Ceffu, its &#8220;independent institutional custody partner,&#8221; is the one looking to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ly for an institutional crypto custody license when Singapore\u2019s central bank opens up applications.<\/p>\n<p>Singapore has established itself as a hub for crypto businesses owing to its flexible tax policies, access to diverse tech talent, and its convenient location that allows companies to operate smoothly within the region in Asian time zones.\u00a0<\/p>\n<p>The Monetary Authority of Singapore (MAS) is expected to open up the crypto custody licenses for institutions after relevant amendments to their Payment Services Act. Cointelegraph reached out to Ceffu to get their insights on the Singaporean crypto market and their upcoming plans of offering crypto custody services to institutional clients.<\/p>\n<p><strong><em>Related:<\/em><\/strong> <strong>Binance CEO responds to Forbes claims: \u2018They don\u2019t know how an exchange works\u2019<\/strong><\/p>\n<p>Athena Yu, vice president of Ceffu, told Cointelegraph that Singapore has a reputation for innovation, good corporate governance and a strong regulatory framework. It&#8217;s no surprise that institutional investors are attracted to setting up shop here. She explained:<\/p>\n<blockquote><p>\u201cCeffu 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.&#8221;<\/p><\/blockquote>\n<p>According to a report <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/asia.nikkei.com\/Spotlight\/Cryptocurrencies\/Binance-revives-Singapore-crypto-permit-bid-despite-U.S.-pressure\">published<\/a> in Nekki, the world&#8217;s leading cryptocurrency exchange recently rebranded its custodial arm to &#8220;Ceffu&#8221;, which launched its institutional custody services in Singapore in November. The crypto exchange didn&#8217;t reveal their financial relationship with the rebranded crypto custodian.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Binance Custody is now Ceffu.<\/p>\n<p>After more than a year of operation, we&#8217;ve rebranded to better reflect the breadth of our institutional custody and liquidity solutions.<\/p>\n<p>Learn more \u27a1\ufe0f <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/PVrygNZ8ZV\">https:\/\/t.co\/PVrygNZ8ZV<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/CWTpoS85Z1\">pic.twitter.com\/CWTpoS85Z1<\/a><\/p>\n<p>\u2014 Ceffu (@CeffuGlobal) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CeffuGlobal\/status\/1623683319111233538?ref_src=twsrc%5Etfw\">February 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Binance withdrew its crypto license application before MAS in December 2021 and eventually closed down all operations in the country by February 2022. At the time, the crypto exchange had said that they withdrew their license because they had already invested in a regulated exchange in Singapore, and applying for a second license was \u201credundant.\u201d <\/p>\n<p>However, a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-17\/binance-among-firms-stymied-by-singapore-money-laundering-rules?ref=blockhead\">report <\/a>published in Bloomberg suggested that the crypto exchange couldn\u2019t meet regulators&#8217; standard of anti-money laundering measures.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-custody-partner-clarifies-singapore-licensing-plans\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Binance custody partner clarifies Singapore licensing plans &#8220; Amid various reports about Binance trying to revive its crypto licensing plans in Singapore, the crypto exchange has come out to set the record straight. Binance told Cointelegraph that Ceffu, its &#8220;independent institutional custody partner,&#8221; is the one looking to apply for an institutional crypto custody&#8230;<\/p>\n","protected":false},"author":1,"featured_media":558532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/ebdd3ce1-94e1-4679-8f87-98926b9eacc9.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74894,77672,70934,5012],"class_list":["post-558531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-blockchain","tag-changpeng-zhao","tag-regulation","tag-singapore"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/558531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=558531"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/558531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/558532"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=558531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=558531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=558531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}