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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.”

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