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.
Did you Know?SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms.
The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes.View Details » Binance has earlier faced challenges in Singapore.Read more on economictimes.indiatimes.com