Binance,
the world’s largest cryptocurrency exchange by trading volume, is taking a
renewed step towards obtaining a license to offer its digital asset services in
Singapore. However, it wants to focus on corporate, not retail, clients this
time.
Despite
growing regulatory concerns and increasing scrutiny from US financial
commissions, Binance has decided to seek licensing opportunities in other parts
of the world. As Nikkei Asia reports, the company is looking to use its
custody arm to switch to corporate clients from retail customers. Indeed, the
exchange’s retail operations in the country were halted last year due to
pressure from local regulators.
According
to the entity’s management, quoted by Nikkei Asia, a corresponding
application to offer cryptocurrency services to corporate clients will be
applied shortly. Binance already launched a revamped business for this customer
group back in November, changing its name from Binance Custody to Ceffu. However,
the rebranding went through the market without much echo.
Ceffu’s
main objective is to provide access to the cryptocurrency market for
institutional investors and professionals looking for digital asset and custody
services. Currently, Binance plans to acquire a Singapore license for this part
of its business.
Binance’s Regulatory
Issues in Asia, the US and Australia
A
cryptocurrency exchange has found itself the target of…
