Binance’s custodial partner, Ceffu, has announced plans to apply for a crypto custody license in Singapore. Ceffu launched its institutional custody services in Singapore in November 2021 and aims to provide custody services to institutional investors.
Singapore is an attractive location for crypto businesses due to its flexible tax policies, access to diverse tech talent, and strong regulatory framework. The Monetary Authority of Singapore (MAS) is expected to open up applications for crypto custody licenses for institutions after amending the Payment Services Act. This move is expected to attract more crypto businesses to Singapore, as it would provide regulatory certainty and legitimacy to the sector.
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Ceffu’s Vice President, Athena Yu, stated that Singapore’s reputation for innovation, good corporate governance, and a strong regulatory framework make it an ideal location for institutional investors. Once the relevant amendments to the Payment Services Act go live, Ceffu will make its official application for a custody license with MAS.
Binance withdrew its crypto license application in December 2021 and closed down all operations in Singapore by February 2022. Bloomberg reported that the crypto exchange couldn’t meet regulators’ anti-money laundering standards, which led to its withdrawal from the Singaporean market.
