• Binance recently rebranded its custody arm, now called Ceffu, which launched in Singapore in November 2022.
• Ceffu will apply for an institutional crypto custody license when Singapore’s central bank opens applications.
• Athena Yu, vice president of Ceffu, stated that Singapore has a reputation for innovation and the company will make its official application with the MAS once the relevant amendments to the Payment Services Act go live.
Binance Rebrands Crypto Custody Arm
Binance recently rebranded its custody arm, now called Ceffu, which launched in Singapore in November 2022. The company aims to provide institutional investors with crypto custody services.
Singapore’s Regulatory Framework
Singapore has established itself as a hub for crypto businesses owing to its flexible tax policies, access to diverse tech talent and convenient location. The Monetary Authority of Singapore (MAS) is expected to open up the crypto custody licenses for institutions after relevant amendments to their Payment Services Act.
Ceffu’s Plans For Institutional Clients
Athena Yu, vice president of Ceffu, told Cointelegraph that Singapore has a reputation for innovation and good corporate governance with strong regulations. Once the relevant amendments to Payment Services Act go live and applications for a licence open up, Ceffu will officially apply with MAS.
Financial Relationship With Binance
Binance didn’t reveal any financial relationship between them and their rebranded custodian arm – Ceffu when contacted by Nikkei regarding this matter.
Binance’s rebranding of its custodial arm as ‘Ceffu’ shows that they are serious about providing institutional investors with secure cryptocurrency services under strict regulations in Singapore. This move also cements their position as one of the leading cryptocurrency exchanges globally while offering more options to clients within different markets around the world.