Binance will receive a new crypto license in Singapore

by in Cryptocurrency News

Binance Singapore crypto license

Cryptocurrency exchange Binance has applied for a license to work in Singapore under the new law on payment services, according to Bloomberg.

“We quickly applied. Singapore-based Binance has close contact with local regulators, and they have always been open to new things, ”said Binance CEO Changpeng Zhao.

The Law on Payment Services entered into force last month. It first introduced comprehensive rules for digital payment and cryptocurrency trading companies.

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In addition to introducing digital assets into the legal field, the law officially transferred to the Monetary Authority of Singapore (MAS) control over the fight against money laundering and the financing of terrorism. In addition, MAS has become the supervisor of cybersecurity risks.

The plans to apply for a license were also announced by the operator of the Tokyo Liquid exchange and the provider of the Bitcoin wallet and Luno exchange from the UK.

The crypto-fiat Binance platform in Singapore began its full-fledged work in July last year. The strategic partner of Binance Singapore was the venture division of Temasek Holdings, a state-owned investment holding.

Also in January Binance has begun negotiations on a strategic partnership with Z Corporation Inc. a division of Softbank holding with a 60% stake in Yahoo! Japan and TaoTao exchange.

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Recall that Singapore is considering listing and trading crypto derivatives on regulated exchanges.