Binance's Custody Unit Applies to Offer Payment Services in Singapore - Reuters

Ceffu, the custodian arm of Cryptocurrency, said yesterday that the company plans to apply for a license to offer payment services in Singapore, Reuters reported. Singapore is a cryptocurrency-friendly country, and the cryptocurrency exchange is planning to operate in the country.

Athena Yu, the Vice President of the unit, said, "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 (Monetary Authority of Singapore)."

The unit was established in 2021 and recently changed its name from Binance Custody to Ceffu.

Late last year, U.S. cryptocurrency exchanges Coinbase and Crypto.com, as well as DBS Vickers, operated by Singapore's largest bank, DBS Bank, both received similar approval from the local central bank to offer payment services in Singapore.

In December 2021, Binance Asia Services, an affiliate of the exchange, withdrew its application for a local license without giving a specific reason, saying only that it was because of "strategic, commercial and developmental" considerations.

(Source: Reuters)