Cryptocurrency exchange Binance is set to reapply for a license to offer crypto services in Singapore.
The exchange, which is facing increased scrutiny from US regulators, will focus on corporate clients instead of retail ones. Binance will have its custodial arm apply for the permit in due course, according to executives from the unit.
Last November, Binance rebranded its custody business to Ceffu and launched it for corporate customers in Singapore. The unit offers digital asset services and caters to professional investors looking for custodial services. Binance hopes to get licensed for this business.
The company is increasing its regulatory capabilities to meet regulators’ demands, according to Jarek Jakubcek, head of law enforcement training at Binance. The crypto giant shut its Singapore platform for retail investors amid pressure from the local financial authority and has been offering services to institutional clients from the Asian financial hub for the past year.
Ceffu’s vice president, Athena Yu, said institutional investors are attracted to Singapore’s reputation for innovation, good corporate governance, and a strong regulatory framework. Despite increasing pressure from regulators, Binance appears to be looking to expand its operations and comply with regulatory requirements.
