Binance CEO Says Crypto Exchange Has Applied for a Singapore License

The world's top cryptocurrency exchange by trading volume is hoping to get the official green light to operate in Singapore.

AccessTimeIconFeb 17, 2020 at 9:00 a.m. UTC
Updated Sep 13, 2021 at 12:18 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The world's top cryptocurrency exchange by trading volume is hoping to get the official green light to operate in Singapore.

According to a report from Bloomberg on Sunday, the firm's CEO and co-founder, Changpeng "CZ" Zhao, said in an interview an application has already been submitted to the island state's authorities under new legislation passed in late January.

“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,” Zhao told Bloomberg.

The updated Payments Services Act brings what are termed digital payment token (DPT) services – covering all crypto-based businesses and exchanges plying their trade in Singapore – under current anti-money laundering (AML) and counterterrorist-financing (CTF) rules.

Under the act, crypto firms are required to first register and then apply for a license to operate in the jurisdiction.

Binance already has an office in Singapore, Bloomberg indicates.

As of Jan. 28, 2020, the payments act gave existing crypto firms a month to register with the Monetary Authority of Singapore. Once firms are registered, they are given a six-month period in which they must apply for their payment institution license.

Binance, once a purely crypto-to-crypto exchange, has been working to expand its user base in recent months with the addition of fiat payment gateways. Last week it added 15 cryptocurrencies through Israeli payment processor Simplex. It's also just hired a former Uber exec to help drive global growth.

While Singapore's new regime means crypto firms will have to run their operations to a high regulatory standard, it also brings them legitimacy and an official licensed status. Independent Reserve, one of the largest cryptocurrency exchanges in Australia, said last month that it would expand to Singapore citing "a number of positive moves by Singaporean regulators."

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.