Binance’s Custody Arm to Apply for License in Singapore

  • The now rebranded custody arm of crypto exchange Binance, called Ceffu, is planning to apply for a Capital Markets Service license with the Monetary Authority of Singapore.
  • If it is able to acquire the license, Ceffy plans to offer custodial services to only institutional and high net-worth individuals in Singapore.


Popular cryptocurrency exchange Binance is planning to have its custodial arm apply for an institutional crypto custody license with the Monetary Authority of Singapore (MAS), Nikkei Asia reported on 2 March.

The publication cited executives from Binance Custody — which was rebranded to Ceffu in early February — who noted that the company will be applying for a Capital Markets Service license from the MAS, and eventually provide custodial services to institutional investors and high net-worth individuals in Singapore. Binance has said that Ceffu was its “independent institutional custody partner”, but did not reveal its financial relationship with the rebranded company. Ceffu’s vice president, Athena Yu, said in a statement:

“Given the city’s reputation in innovation, good corporate governance and a strong regulatory framework, it’s no surprise that institutional investors are attracted to set up shop here.”

Singapore’s financial regulator is expected to open up its crypto custody licenses for institutions this year, after its has applied relevant amendments to its Payment Services Act. Back in October, MAS published proposals to expand its reach over crypto to safeguard consumer interests, such as banning crypto firms from lending tokens owned by retail customers, as well as requiring client assets to be kept separate from company assets.

This is not the first time Binance has tried to acquire a license in Singapore, with the exchange having applied for one back in 2020. The platform, however, withdrew its application for a Digital Payments Token license in December 2021, shortly after receiving a warning from local regulators. At the time the exchange said the withdrawal was due to Binance having already invested in a regulated exchange in Singapore, making a second license “redundant”.

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