Binance's Ceffu depository group is striving to obtain a licence from the Monetary Authority of Singapore (MAS), which will allow them to offer custodial services to corporate investors in the country. A major crypto exchange is making another effort through its own Ceffu service, and they intend to apply for approval as soon as possible. If approved, it would open up access to institutional clients in Singapore.
Athena Yu, vice-president of Ceffu, said:
"Ceffu Depository Group has an outstanding track record of innovation and excellent corporate governance standards, making it an attractive proposition for institutional investors from around the world to open offices in Singapore; Ceffu will focus on serving professional traders who require digital asset storage services."
Binance has not disclosed its interest in the Ceffu custodial project, although the Monetary Authority of Singapore (MAS) identifies it as a separate entity, an "independent institutional custodial partner".
Last November, Binance announced the opening of its Ceffu depository service, which is an upgraded version of Binance Custody platform for corporate clients.
In 2021, due to stricter digital currency trading regulations in Singapore, the Binance subsidiary withdrew its request for a local licence and stopped retail services. At the time, Binance said it had already invested in a regulated trading platform in Singapore, so there was no need to submit another application.
