Custody arm from Binance tries to get a Singapore license

Custody arm from Binance tries to get a Singapore license

Binance wants to return to Singapore to offer his services in the city state. Therefore, according to the report by Nikkei Asia, the cryptoralise plans to apply for a permit for its custody branch.

Ceffu, formerly known as Binance Custody, is a company that offers custody and liquidity solutions. It was operated as a separate, dedicated platform and is aimed at the needs of institutional customers.

• The revival of Singapore's offer by licensing Ceffu could mean that Binance will change from private to corporate customers.
• Singapore was a difficult area for exchange. In December 2021, the company conducted by CZ withdrew his application for a digital payment token license in the city state and indicated that it was to close its local subsidiary without “strategic, commercial and development-related” considerations.
• On the other side of the Pacific, Binance is examined by supervisory authorities such as the US Justice Ministry (DOJ) and the Commodity Futures Trading Commission (CFTC).
• Since the company is involved in regulatory access, it focuses strongly on compliance and regulation. The head of law enforcement training, Jarek Jakubcek, was cited with the words:

"If you look at the latest attitudes, you will find that Binance will have criminal prosecution and regulation with years of experience."

• In a recently conducted interview, the Chief Strategy Officer of the company, Patrick Hillmann, admitted missteps during the implementation of his security procedures to combat money laundering activities in the first years after the introduction.
• Binance is currently in discussions with the supervisory authorities in the United States and expects the payment of fines for its previous behavior.

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