The password Exchange has already responded to that in all kinds of news that Binance is trying to restart its password approval program in Singapore. Binance told Cointelegraph that when the Central Bank of Singapore opens its declaration to the public, its "independent escrow partner" Ceffu will apply for an organization password escrow license.
With its flexible tax preferential policies, good opportunities for different professionals and convenient geographical location, Singapore has established itself as the core of its password business, which also enables enterprises to operate successfully in the Asian region.
The Monetary Authority of Singapore (MAS) will open the institutional password escrow license to the public after making corresponding amendments to the Institutional Financial Services Act. Cointelegraph contacted Ceffu to learn about the password sales market in Singapore and the plan to provide password hosting services to organizational users.
Angela Yu, senior vice president of Ceffu, told Cointelegraph that Singapore is known for its innovation, good corporate governance structure and strong management and control structure. Yu Minhong said:
Ceffu publishes the Singapore business process, which provides escrow services for organizational investors. Once the relevant amendment to the financial services method takes effect and the application for escrow license is opened to the public, CEFU will explicitly announce the application for MAS.
According to a report released by Nikkei, the world's leading digital currency exchange recently renamed its escrow unit "Ceffu", which launched a hosting service in Singapore in November 2022. The password Exchange did not disclose its financial relationship with the renamed password custodian.
Binance withdrew its password license application in December 2021 and shut down all business processes in the country by February 2022. At that time, the password exchange indicated that it had revoked the license because he had already invested in a regulated exchange in the Singapore project and it was "superfluous" to apply for a second license.
However, a report released by Bloomberg News pointed out that the password exchange could not meet the regulatory compliance regulations.
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