(Rejected: 3) Binance Seeks to have a Slice of Singapore’s Crypto Cake Through New Application

Singapore has emerged to be one of the most sought after destinations by blockchain/crypto firms. Binance, a reputable Malta-based crypto exchange, strives to have a share of the nation’s crypto cake as it has applied for an operating license as stipulated under the Payment Services Act. 

Binance to spread its wings

Binance has emerged to be a crypto exchange behemoth based on its dominance across the globe. Expressly, its headquarters are in Malta though it has offices spread across Asia. Therefore, it intends to spread its wings in Singapore, but at the same time remaining regulatory compliant. 

Binance CEO and co-founder, Changpeng Zhao (CZ), showed commitment towards the expediency of the procedure. 

He noted, “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.”

The Monetary Authority of Singapore enforced the Payment Services Act in January 2020, intending to regulate crypto trading and payments based on policies that presently oversee traditional payment procedures. As a result, all firms in this sector ought to apply for the stipulated licenses, such as money-changing and payment institution licenses. 

The new legislation is, therefore, aimed at incorporating cryptocurrency institutions into the regulatory bracket. 

Singapore favored by crypto exchanges

Crypto exchanges play an instrumental role in propelling crypto adoption. As a result, many of them have been strategizing on how they will expand their base in different parts of the world. 

Various crypto exchanges are seeking to set foot in Singapore, as this will enable them to be significant players in the nation’s crypto sector. For instance, London-based Luno and Tokyo-based Liquid have expressed their intention of applying for operational licenses in Singapore. 

Singaporean firms have been making considerable moves in the blockchain/crypto sector. For instance, in October 2019, CIMB Bank Singapore partnered with iTrust for the first-ever blockchain trade financing.