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Binance to Reapply for Cryptocurrency Services License in Singapore

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It is reported that Binance plans to try again to obtain the license to provide cryptocurrency services in Singapore, from retail customers to enterprise custo…

Binance to Reapply for Cryptocurrency Services License in Singapore

It is reported that Binance plans to try again to obtain the license to provide cryptocurrency services in Singapore, from retail customers to enterprise customer services. According to the senior executives of the department, its custody department will be asked to apply for permission to provide such services “at the appropriate time”.

Coin security is seeking to obtain the Singapore cryptocurrency service license

Interpret the above information:


After Binance’s unsuccessful attempt to obtain a license to provide cryptocurrency services in Singapore, they are reportedly planning to reapply for the license. The license would allow them to offer their services to both retail and enterprise customers. Senior executives from the department have confirmed that their custody department will apply for permission to provide these services at the right time.

Binance’s previous license application was rejected by the Monetary Authority of Singapore (MAS) in September 2020, citing concerns about the firm’s compliance with Money Laundering and Terrorist Financing (ML/TF) regulations. In response to this, Binance made changes to its operations and system, including improvements to its KYC and AML processes, and heightened the allocation of resources to deal with these issues.

Although Binance is one of the world’s largest cryptocurrency exchanges, obtaining a license to provide cryptocurrency services in Singapore is critical for the company’s growth in Southeast Asia. Singapore is a significant hub for fintech and cryptocurrency services in the region, and companies that operate without licenses or violate regulatory requirements may face consequences such as fines or a ban from operating in the country.

With Singapore’s reputation for having some of the strictest regulations in the world, obtaining a license will require that Binance complies with the latest regulations, including the latest revisions to the Payment Services Act (PSA). The revised PSA went into effect on 28 January 2020, and it requires all digital payment service providers to obtain a license from the MAS before they can operate in the country.

In conclusion, reapplying for a license to provide cryptocurrency services in Singapore demonstrates Binance’s commitment to complying with regulatory requirements for operating within the country. Although there is no timeline on when the custody department will reapply for the license, it is clear that they have taken steps to address previous concerns raised by the MAS. This move is a significant development for Binance, which could significantly boost their presence within the Southeast Asian market and improve their reputation as a trusted and compliant cryptocurrency exchange.

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