Binance
Applies for Singapore License
Leading crypto exchange Binance
has applied for a license in Singapore under the country’s new Payment
Services Act.
According to a report from Bloomberg on Sunday, Binance CEO
Changpeng Zhao said that an application has been submitted to the island
state's authorities, commenting:
“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.”
The new legislation requires
firms operating in Singapore to be licensed under one of three licenses:
money-changing license, standard payment institution, or major payment
institution license.
