{"id":304618,"date":"2023-03-02T12:26:37","date_gmt":"2023-03-02T12:26:37","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=304618"},"modified":"2023-03-02T12:26:37","modified_gmt":"2023-03-02T12:26:37","slug":"binance-custody-arm-ceffu-to-apply-for-license-in-singapore","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-custody-arm-ceffu-to-apply-for-license-in-singapore\/","title":{"rendered":"Binance custody arm &#8216;Ceffu&#8217; to apply for license in Singapore"},"content":{"rendered":"<p>Leading crypto exchange <a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\">Binance<\/a> has hinted at plans to reapply for a regulatory license in Singapore through its custody arm- Ceffu.<\/p>\n<p>In December 2021, Binance withdrew its license application to the Monetary Authority of Singapore (MAS) over regulatory concerns. Consequently, it closed its operations, barring retail users from trading on the exchange.<\/p>\n<p>However, on Feb. 9, Binance <a href=\"https:\/\/www.ceffu.com\/blog\/binance-custody-is-now-ceffu\">rebranded<\/a> its custodial arm- Binance Custody as Ceffu- to offer trading services to professional investors.<\/p>\n<p>In efforts to reenter Singapore, a Binance executive said Ceffu would apply for a license to obtain regulatory approval from the MAS, <a href=\"https:\/\/asia.nikkei.com\/Spotlight\/Cryptocurrencies\/Binance-revives-Singapore-crypto-permit-bid-despite-U.S.-pressure\">Nikkei Asia<\/a> reports on March 2.<\/p>\n<p>Ceffu vice president Athena Yu told Nikkei Asia<\/p>\n<blockquote><p>&#8220;Given the city's reputation in innovation, good corporate governance, and a strong regulatory framework, it's no surprise that institutional investors are attracted to set up shop here.&#8221;<\/p><\/blockquote>\n<p>In addition, Binance has moved to increase its capabilities to meet regulatory demands. Amidst its hiring spree in 2022, the exchange reportedly focused largely on employing people with years of experience in law enforcement and regulation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Leading crypto exchange Binance has hinted at plans to reapply for a regulatory license in Singapore through its custody arm- Ceffu. In December 2021, Binance withdrew its license application to the Monetary Authority of Singapore (MAS) over regulatory concerns. Consequently, it closed its operations, barring retail users from trading on the exchange. However, on Feb. [&hellip;]<\/p>\n","protected":false},"author":1378,"featured_media":304632,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,11],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance custody arm &#039;Ceffu&#039; to apply for license in Singapore<\/title>\n<meta name=\"description\" content=\"Ceffu will apply for a MAS license to enable it to offer custodial services to institutional investors in Singapore.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-custody-arm-ceffu-to-apply-for-license-in-singapore\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance custody arm &#039;Ceffu&#039; to apply for license in Singapore\" \/>\n<meta property=\"og:description\" content=\"Ceffu will apply for a MAS license to enable it to offer custodial services to institutional investors in Singapore.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/binance-custody-arm-ceffu-to-apply-for-license-in-singapore\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-02T12:26:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/singapore-binance.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Christian Nwobodo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Christian Nwobodo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/binance-custody-arm-ceffu-to-apply-for-license-in-singapore\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/binance-custody-arm-ceffu-to-apply-for-license-in-singapore\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/#person\",\"name\":\"Christian Nwobodo\",\"url\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/chriscen-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/chriscen-author-300x300.jpg\",\"caption\":\"Christian Nwobodo\"},\"jobTitle\":\"Journalist\",\"description\":\"Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. 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