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.

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.