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Binance Applied for New Crypto License in Singapore

Global crypto exchange Binance has applied for a license in Singapore under the newly introduced Payment Services Act (PSA).

Changpeng “CZ” Zhao, the founder and CEO of the exchange, has revealed the prospect in a recent interview with Bloomberg.

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“We have already applied [for the new license],” Zhao told the publication. “We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.”

As Finance Magnates reported, Singapore introduced the Payment Services Act (PSA) last month, updating its existing framework for crypto regulations.

With this, the crypto companies come under the direct purview of the Monetary Authority of Singapore (MAS), which will oversee platforms for provisions in anti-money laundering and counter-terror financing.

The new framework also provided the businesses a window of one month to register with the regulator and another six months to seek a payment institution’s license.

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Binance already has a Singapore entity and it also serves the traders of the city-state with fiat-based trading options.

Apart from Binance, two other exchanges – Tokyo-based crypto exchange operator Liquid and London-headquartered Luno – also showed interest to receive the same license from the Singapore regulator.

Notably, Luno re-entered the Singapore market last November after almost 3 years of exile.

Becoming of a crypto heaven?

Singapore is one of Asia’s friendly jurisdictions for the incubation of blockchain and crypto startups. MAS also provided two licenses to iSTOX, an unlisted stock tokenization platform, to fully start its operations.

Meanwhile, Binance is boosting its measures to expand its business on a global l...

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