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Binance unit plans bid for Singapore crypto licence

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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, 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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