Binance Bid for Singapore License is Back On

The crypto exchange’s custodial arm will make an official application to Singapore’s MAS once the custody license opens, executive says

article-image

Source: Shutterstock / mimisim, modified by Blockworks

share

Cryptocurrency exchange Binance will have another go at securing a permit in Singapore, and it’s now eyeing corporate clients rather than retail investors to comply with local rules.

The exchange’s custodial arm is set to apply for a permit to offer the crypto-related services “in due course,” Nikkei reported Tuesday, citing the unit’s executives. 

A Binance spokesperson confirmed the development, identifying Binance’s institutional custodian partner as Ceffu. The name appears to be a play on the term SAFU (Secure Asset Fund for Users), which is Binance’s emergency insurance fund.

Ceffu will officially apply to the Monetary Authority of Singapore once the application for a custody license opens, Athena Yu, vice president of Ceffu, told Blockworks.

“Given [Singapore’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,” she said, adding that local and international institutional investors will want to capitalize on Singapore’s connectivity as a financial hub.

Ceffu launched its Singapore business specifically to provide custody services to institutional investors there, she added.

Binance had added a Singaporean subsidiary as it sought licensing in the city-state in 2021. In December that year, the subsidiary withdrew its application and wound down services, saying user registrations would be halted. 

Alexandr Onufriychuk, the head of growth at Corite, a music blockchain company in Singapore, said the Monetary Authority has long been unambiguous about its position on cryptocurrencies. But huge delays in its review process were a problem, he pointed out.

“That is why Binance and a host of other major trading platforms withdrew their applications in 2021 after the months-long wait. The return of Binance is a sign that the trading platform has decided that patience is a virtue and that the delayed registration process in Singapore is better than the lack of clarity that it is facing in regions like the United States,” he said.

Singapore is also an attractive destination where the political environment is seen as comparatively stable, with its central bank outlining tighter rules around the crypto industry to limit risks to retail investors specifically.

Recent actions by Singapore regulators indicate that they want to subject cryptocurrency service companies to stricter supervision and scrutiny, hoping to develop the industry towards compliance, James Wo, founder of blockchain tech firm Digital Finance Group, told Blockworks.

“Binance’s application for a license for its custody department is a core move towards transitioning from retail customers to enterprise customers and developing towards compliant investment,” he said.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

The platform also rolled out 13 tokenized funds for institutions on the Connect platform

article-image

The company’s expanded lineup introduces new ETF products, as more and more issuers get into crypto funds

article-image

President Donald Trump announced a 10% levy on almost all goods and additional tariffs on so-called “worst offending” countries

article-image

Solana may be in “recomposition” mode, as new protocols put usefulness ahead of mere virality

article-image

The stablecoin issuer will have to contend with bigger players and the interest rates environment

article-image

The president reportedly was still working on his tariff policy plans late Tuesday evening