Binance seeks license in Singapore

Credit: Nirut Phengjaiwong – Pixabay

The giant of cryptocurrency exchange, Binance, has applied for a Licence of payment at Singapore.

In an interview with Bloomberg, the CEO of Binance, Changpeng Zhaosaid his company had applied for a Licence operating at Singapore in order to meet the directives of the new regulatory framework The Payment Services Act.

We submitted the application fairly quickly. The entity of Binance in Singapore has been in close contact with local regulators and they have always been open-minded, ”he said.

Came into force in January 2020, the Payment Services Act aims to regulate payment companies, including those dealing with cryptocurrencies such as Bitcoin and Ethereum, in order to enhance consumer security and reduce the risks of money laundering and terrorist financing.

> Singapore: Central bank unveils blockchain payment system

Other companies that operate cryptocurrency platforms in Singapore, such as Tokyo Liquid and Luno, have also filed applications, the American media said.

Founded in China, Binance today moved its head office to Malta and opened offices in Singapore. Last summer, the firm launched Binance Singapore, a cryptocurrency exchange specially designed for the island city of Southeast Asia.

> Binance is preparing to enter the Japanese market