Binance’s custody unit Ceffu 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. The unit’s vice-president Athena Yu said that once the relevant amendments to the Payment Services Act go live and the application for a custody licence opens, Ceffu will make its official application with the Monetary Authority of Singapore. Launched in 2021, the unit was recently rebranded to Ceffu from Binance Custody. Late last year US crypto exchange Coinbase, Crypto.com, and DBS Vickers – a brokerage run by Singapore’s largest bank DBS – received similar approval from the central bank to offer payment services in the country. Its affiliate Binance Asia Services withdrew a local licence application in December 2021 without giving a reason beyond “strategic, commercial and developmental” considerations.
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