Wednesday, Apr 1, 2020
International Finance
Featured Technology

Binance applies for operating licence in Singapore under new legislation

Binance Singapore licence
The crypto operator has an office set up in Singapore and is backed by Temasek

Global cryptocurrency exchange Binance has applied for an operating licence in Singapore under the new payments legislation. Binance has set up an office in Singapore. It is backed by the venture capital arm of Singapore’s Temasek. 

Binance co-founder and CEO “CZ” Zhao Changpeng, told the media in a phone interview, “We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.”

According to the Monetary Authority of Singapore (MAS), the new Payments Services Act (PS Act) provides regulatory certainty while encouraging innovation in payment services and fintech. 

The PS Act came into effect last month. It is considered the first regulation for companies focused on digital payments and trading of tokens such as ethereum and bitcoin. 

The new law will invest formal supervisory powers in the MAS over matters related to cybersecurity risks, money laundering and terrorism financing, media reports said. 

Other crypto-exchange operators Liquid and Luno operating in Singapore have plans to apply for the licence. 

More recently, reports said that Binance plans to buy a stake in the top Japanese cryptocurrency Lisk. Binance has conducted a delegate voting over the proposed Lisk stake acquisition, media reports said. 

Binance has become quite popular since its establishment in 2017. The crypto operator has opened an office in the US after it imposed a ban on the US customers. It has developed its futures trading platform hosting Bitcoin futures with 125x leverage, media reports said. 

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.