Share this article
BTC
$83,994.32
+
5.41%ETH
$1,577.37
+
3.42%USDT
$0.9996
+
0.03%XRP
$2.0520
+
3.74%BNB
$588.80
+
2.41%SOL
$122.05
+
8.48%USDC
$1.0000
+
0.01%DOGE
$0.1615
+
4.65%TRX
$0.2433
+
2.85%ADA
$0.6317
+
4.75%LEO
$9.3865
-
0.27%LINK
$12.84
+
6.24%AVAX
$19.27
+
5.46%TON
$2.9746
+
0.77%SHIB
$0.0₄1238
+
6.16%XLM
$0.2363
+
3.14%SUI
$2.2333
+
6.39%HBAR
$0.1705
+
0.58%BCH
$312.28
+
7.10%OM
$6.4270
+
0.15%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Binance's Custody Arm Ceffu Will Apply for Singapore License: Report
Binance rebranded its custody arm to Ceffu earlier this month.
Binance is making another attempt at getting a license in Singapore, but this time as a custodian, according to a report from Nikkei Asia.
The exchange’s custody unit, which it rebranded as Ceffu in early February, is applying for a Capital Markets Service license from the Monetary Authority of Singapore to provide custodial services in the country, according to a report.
STORY CONTINUES BELOW
Binance says the name Ceffu is a reference to SAFU (Secure Asset Fund for Users), its insurance policy. As a custodian, Ceffu would only deal with institutional investors and high net-worth individuals, not retail clients.
Hong Kong-based custodian Hex Trust received a similar license in Singapore in September 2021. In October Coinbase received a Digital Payments Token license from MAS.
In December 2021, Binance withdrew from Singapore and canceled its application for a Digital Payments Token license. At the time, Binance said the withdrawal was because Binance had already invested in a regulated exchange in Singapore, and applying for a second license was “redundant.”
A spokesperson for Binance didn’t respond to CoinDesk's request for comment.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
