Binance’s Institutional Plans: A Fresh Start
Amid swirling rumors about Binance’s intentions to refresh its crypto licensing strategy in Singapore, the giant exchange has finally put the record straight. According to their representatives at Cointelegraph, their independent institutional custody partner, Ceffu, is gearing up to snag an institutional crypto custody license as soon as the Monetary Authority of Singapore (MAS) gives the green light.
Why Singapore? The Crypto Oasis
Why is Singapore becoming a playground for crypto firms? Well, it’s all about the perks! With not-so-scary tax policies, an impressive pool of tech talent, and a location that allows seamless operations within Asian time zones, it’s no wonder companies feel right at home. Those looking to plant their flag in the crypto frontier could do worse than Singapore!
Mental Gymnastics: Understanding the MAS
The MAS is expected to open the floodgates for institutional custody licenses following some tweaks to their Payment Services Act. The anticipation is palpable as it might just change the game for many firms out there. Cointelegraph caught up with Ceffu’s Athena Yu, who wasted no time in elaborating on the Singapore crypto landscape and their plans to cater to institutional clientele.
Ceffu’s Vision: Custody for the Big Players
According to Yu, Singapore’s penchant for innovation and strong regulatory framework makes it an attractive destination. “Ceffu launched its Singapore business specifically to provide custody services to institutional investors,” she said. Once the MAS gets its act together and the applications roll out, they’re all set to hit that submit button like it’s a pie-eating contest!
From Binance Custody to Ceffu: A Rebranding Journey
The recent rebranding of Binance Custody to Ceffu marks a new chapter in the institutional custody narrative. Since its launch in November 2022, Ceffu has been focused on showing the world that it can offer comprehensive custody and liquidity solutions, which sounds great on paper and even better for those heavy-hitting investors.
A History of Withdrawal and Revival
Many remember when Binance withdrew its crypto license application back in December 2021. The exchange claimed it was already committed to a regulated exchange in Singapore, and submitting a second application would be like bringing coals to Newcastle. However, Bloomberg later reported that the withdrawal might have been due to Binance not meeting AML standards, which can feel a bit like going to a high school reunion and realizing you forgot your prom date’s name.
