Jamie McNeill
Binance’s custody arm Ceffu is once against trying for a Singapore crypto license in order to be able to offer their services in the country.
With the collapse of the crypto-friendly Silvergate bank, there is added pressure on the company at the moment.
Binance wants to Offer Custody to Institutions in Singapore with Ceffu
Ceffu, a play on SAFU (Secure Asset Fund for Users), is Binance’s custodial arm of the firm, which was rebranded last month.
Binance has already applied for permission to act as a custodian in Singapore in the past but was not approved – which is why they are trying again.
This specific license will not be designed to allow Binance to custody funds for individuals, but for institutions. This means that Binance will be able to cater for their more financially-endowed clients.
The Hex Trust Received a Similar License in 2021
The Hex Trust is a Hong Kong-based custodian that has also applied for the same license and had one granted to them in 2021.
Coinbase also received a license to custody from MAS in 2021, with pressure on Binance heating up to compete.
.@binance's custody arm @CeffuGlobal is reportedly applying for a custodian license in Singapore. @thesamreynolds reports.https://t.co/XqiX7btksl
— CoinDesk (@CoinDesk) March 2, 2023
Given the success of previous companies to have been granted this license, it seems likely that Binance will eventually be able to secure the relevant approvals.
Binance is already the most-licensed exchange in the world in terms of the number of jurisdictions.
More Important Now Silvergate is Collapsing
The struggles that Silvergate has been fighting against over the course of the last few months appear to have now reached a critical point in which it now seems impossible that the bank won’t entirely fall apart.
Silvergate was one of the first banks to have offered lending services to crypto companies and has grown to become one of the most significant companies in the entire space.
However, numerous partners are now pulling away from the bank after it delayed its 10-K annual financial report, sparking a collapse in its stock price of more than 50%.
Coinbase, Galaxy Digital and Gemini are among the firms to turn their back on Silvergate amid the news.
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This article was written for Business 2 Community by Jamie McNeill.
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