Share this article
Binance's Custody Arm Ceffu Will Apply for Singapore License: Report
Binance rebranded its custody arm to Ceffu earlier this month.
By Sam Reynolds
Updated May 9, 2023, 4:09 a.m. Published Mar 2, 2023, 6:20 a.m.
Binance is making another attempt at getting a license in Singapore, but this time as a custodian, according to a report from Nikkei Asia.
The exchange’s custody unit, which it rebranded as Ceffu in early February, is applying for a Capital Markets Service license from the Monetary Authority of Singapore to provide custodial services in the country, according to a report.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Binance says the name Ceffu is a reference to SAFU (Secure Asset Fund for Users), its insurance policy. As a custodian, Ceffu would only deal with institutional investors and high net-worth individuals, not retail clients.
Hong Kong-based custodian Hex Trust received a similar license in Singapore in September 2021. In October Coinbase received a Digital Payments Token license from MAS.
In December 2021, Binance withdrew from Singapore and canceled its application for a Digital Payments Token license. At the time, Binance said the withdrawal was because Binance had already invested in a regulated exchange in Singapore, and applying for a second license was “redundant.”
A spokesperson for Binance didn’t respond to CoinDesk's request for comment.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Robinhood leaning into advanced traders as crypto volatility reshapes user behavior
The trading platform is increasingly catering to advanced crypto traders with tools tailored to active, tax-aware users, its head of crypto said.
What to know:
- Robinhood is increasingly targeting advanced crypto traders with new features like tax-lot selection and deeper liquidity access.
- The platform, once known for attracting beginners, is seeing more experienced users shift from rivals like Coinbase.
Top Stories
