Binance is looking to re-enter Singapore and offer services in the city-state. According to a report by Nikkei Asia, the cryptocurrency giant plans to apply for a license for its custody division “when the time is right.”
Ceffu, formerly known as Binance Custody, is a company that provides custody and liquidity solutions. It has been operating as a separate dedicated platform designed to meet the needs of institutional clients.
The resumption of the Singapore bid could mean that Binance will move away from retail customers and towards enterprise clients by obtaining a Ceffu license.
Singapore has been a tricky territory for exchanges. In December 2021, the CZ-led firm withdrew its application for a digital payment token license in the city-state and hinted at shutting down its local subsidiary, without going into details beyond “strategic, commercial and development” considerations.
On the other side of the Pacific, Binance is under investigation by regulators including the U.S. Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC).
As a result of being caught up in a regulatory crackdown, the company has placed a heavy focus on compliance and regulation. Its head of law enforcement training, Jarek Jakubcek, was quoted as saying:
“If you look at recent hiring, Binance is hiring people with years of experience in law enforcement and regulation.”
In a recent interview, the company’s chief strategy officer, Patrick Hillman, acknowledged that there were missteps in implementing its security procedures to combat money laundering in the first few years after its launch.
Binance is currently in discussions with U.S. regulators and expects to pay a fine for its past behavior.