Binance Exchange Applying for Payment Service Operating License to the Singapore Government

Binance, the world’s largest cryptocurrency exchange, intends to strengthen its business in the Singapore market. Co-founder and CEO Zhao Changpeng has stated that it has applied for a payment service license from the Singapore Monetary Authority. At the same time, two exchanges, Liquid from Japan and Luno from the United Kingdom, have previously confirmed that they are applying for the same license. The market expects that the Singapore government will promote the development of the local cryptocurrency market by issuing licenses.

The Monetary Authority of Singapore introduced a new payment services bill last month, hoping to strengthen regulation of the cryptocurrency industry through licensing. This bill is the first in the country to comprehensively regulate transactions and payment activities such as Bitcoin and Ethereum, control risks through formal legislation, and prevent the of use cryptocurrencies to launder money and finance terrorism.

Zhao Changpeng, co-founder of Binance Exchange

According to Bloomberg yesterday, Binance has applied for the Singapore license in order to obtain the approval of local governments. Zhao Changpeng stated that he would work closely with local regulators and “they (the government) are always open.” Binance has a local office and has been invested by Vertex Venture, a fund owned by Singapore’s Temasek, so it is logical to apply for a license this time, and it is expected to gain wider recognition and attract local users.

Binance was established in 2017. In the early days, it expanded its business of cryptocurrency exchanges based on China. However, after the Chinese government tightened supervision and banned a large number of exchanges from operating locally, Binance’s operating location has been withdrawn from the Chinese market. Later, in Africa and the Maltese Islands and other places, in consultation and cooperation with the local government, according to CoinMarketCap data, Binance’s adjusted transaction volume in the past 24 hours was 3.13 billion US dollars, currently ranking 6th in the world.