Binance's custody unit Ceffu said on Thursday it is planning to apply for a permit to offer payment services in Singapore, as the crypto exchange makes another attempt to function in the crypto-friendly city-state. «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's Vice President Athena Yu said in a statement to Reuters. The unit, launched in 2021, was recently rebranded to Ceffu from Binance Custody. Late last year U.S. crypto exchange Coinbase, Crypto.com and DBS Vickers — brokerage run by Singapore's largest bank DBS — received similar approval from the central bank to offer payment services in the country.
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View Details »Binance has earlier faced challenges in Singapore. Its affiliate Binance Asia Services withdrew a local license application in December 2021 without giving a reason beyond «strategic, commercial and developmental» considerations
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