BlocksInform
Binance seeks to return to Singapore to serve in the city-state. As such, the crypto giant plans to apply for a license for its guard arm "in due time", according to the report of nikkei asia.
Ceffu, formerly known as BINANCE custody, is a holding and liquidity company. It operates as a separate and dedicated platform and is designed to meet institutional clients' needs.
- The revival of the Singapore bid, by having Ceffu licensed, could mean that Binance will be pivoting from retail to corporate clients.
- Singapore has been a difficult place to trade. In December 2021, the CZ-led company withdrew its application for a Digital Payment Token license in the city-state and hinted at shutting its local subsidiary without going into details beyond “strategic, commercial, and developmental” considerations.
- Across the Pacific Peninsula, Binance is the subject of an investigation by regulatory bodies such as the United States Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC).
- Due to regulatory enforcement, the company is strongly focused on compliance and regulation. Its head of law enforcement training, Jarek Jakubcek, was quoted saying:
“If you take a look at recent hirings, you will see that Binance is hiring people with years of experience in law enforcement and regulations.”
- In a recent interview, the company’s Chief Strategy Officer Patrick Hillmann admitted missteps during the implementation of its security procedures to combat money laundering activities during the initial years after launch.
- Binance is currently in talks with regulatory agencies in the United States and plans to pay fines for his past behaviour.
