Copy link
Increase text size
Decrease text size
Link copied

Binance applied for an operating license in Singapore, CEO confirms

Image by Binance

Mon, 17 Feb 2020, 09:21 am UTC

Malta-based crypto exchange Binance has applied for an operating license in Singapore under the country's new payment law. Binance CEO Zhao “CZ” Changpeng confirmed it in a phone interview, Bloomberg reported.

Binance soft-launched Binance Singapore in April last year. This was followed by the official launch of the platform in July in partnership with Vertex Ventures China and Vertex Ventures Southeast Asia and India, Forbes reported.

“We have already applied,” Changpeng told Bloomberg. “We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.”

Singapore’s Payment Services Act 2019 came into effect in January 2020. It is the country's first comprehensive regulation targeted at companies involved in digital payments as well as trading tokens like Bitcoins and Ether.

Under the new regulations, cryptocurrency-related exchanges and businesses have to register and apply a license to operate in Singapore.

Crypto exchange operators Liquid Group based in Tokyo and Luno from London – both operating in Singapore – are planning to follow Binance’s step. They confirmed that they plan to apply for the same license.

Just recently, Binance hired former Huobi exec John Goodboy as its new Director of European and Latin American Growth and Institutional Business. Zhao had also revealed his intention to expand to Russia last year.

“There is a very strong programmer talent [here],” Zhao said. ”On this trip, it is very clear to me that we should look into [setting up] the developer’s office.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $6,348.45 (+3.37%)
  • Ethereum (ETH) $132.52 (+2.70%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $219.17 (+3.59%)
  • Bitcoin SV (BSV) $163.46 (+5.26%)
  • Bitcoin (BTC) $6,348.45 (+3.37%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft