Amid numerous stories about Binance making an attempt to revive its crypto licensing plans in Singapore, the crypto trade has come out to set the document straight. Binance instructed Cointelegraph that Ceffu, its “unbiased institutional custody accomplice,” is the one trying to apply for an institutional crypto custody license when Singapore’s central financial institution opens up functions.

Singapore has established itself as a hub for crypto businesses owing to its versatile tax insurance policies, entry to numerous tech expertise, and its handy location that permits corporations to function easily throughout the area in Asian time zones. 

The Financial Authority of Singapore (MAS) is anticipated to open up the crypto custody licenses for establishments after related amendments to their Fee Companies Act. Cointelegraph reached out to Ceffu to get their insights on the Singaporean crypto market and their upcoming plans of providing crypto custody companies to institutional purchasers.

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Athena Yu, vp of Ceffu, instructed Cointelegraph that Singapore has a fame for innovation, good company governance and a powerful regulatory framework. It is no shock that institutional traders are interested in organising store right here. She defined:

“Ceffu launched its Singapore enterprise particularly to supply custody companies to institutional traders. As soon as the related amendments to the Fee Companies Act go dwell and the applying for a custody license opens, Ceffu will make its official utility with the MAS.”

In accordance with a report published in Nekki, the world’s main cryptocurrency trade lately rebranded its custodial arm to “Ceffu”, which launched its institutional custody companies in Singapore in November. The crypto trade did not reveal their monetary relationship with the rebranded crypto custodian. 

Binance withdrew its crypto license application before MAS in December 2021 and ultimately closed down all operations within the nation by February 2022. On the time, the crypto trade had stated that they withdrew their license as a result of they’d already invested in a regulated exchange in Singapore, and making use of for a second license was “redundant.”

Nevertheless, a report printed in Bloomberg recommended that the crypto trade couldn’t meet regulators’ customary of anti-money laundering measures.