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<a href="https://www.blockhead.co/2023/03/02/binance-mulls-return-to-singapore/blockhead.co/tag/binance" rel="noopener noreferrer nofollow">Binance</a> is weighing up reapplying for a license to offer cryptocurrency services in Singapore, more than a year after its local unit withdrew its application for a permit by the MAS (Monetary Authority of Singapore)According to a <a href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Binance-revives-Singapore-crypto-permit-bid-despite-U.S.-pressure?ref&#61;blockhead" rel="noopener noreferrer nofollow">report</a> by Nikkei, which cited executives within the exchange&#39;s custodial arm, Binance is set apply for a permit to offer such services &#34;in due course&#34;.The world&#39;s largest cryptocurrency exchange recently rebranded its custodial department to &#34;Ceffu&#34;, which launched its institutional custody services in Singapore in November. Binance is aiming to obtain a license for this business, according to Nikkei.Prior to its move away from Singapore, Binance faced significant regulatory hurdles in the city state. The exchange withdrew its application for a MAS license in December 2021, and subsequently shut down its operations in February 2022.According to a <a href="https://www.bloomberg.com/news/articles/2021-12-17/binance-among-firms-stymied-by-singapore-money-laundering-rules?ref&#61;blockhead" rel="noopener noreferrer nofollow">Bloomberg report</a> which cited people with knowledge of the matter, the exchange did not meet the MAS&#39; criteria for safeguarding against money laundering and terrorism financing. In September 2021, on MAS’ referral, the Commercial Affairs Department also commenced investigation into Binance for possible contravention of the Payment Services Act (PS Act).<h2 id="header-0">Regulatory probes</h2>Binance has been under scrutiny as of recent. Last month, the US Securities and Exchange Commission (SEC) opposed Binance&#39;s US$1 billion deal to purchase <a href="https://www.blockhead.co/2023/03/02/binance-ceo-forbes-does-not-understand-exchange-basics/blockhead.co/tag/voyager-digital" rel="noopener noreferrer nofollow">Voyager Digital</a>&#39;s assets, citing concern over how Binance plans to repay Voyager’s former customers.More recently, Crypto broker <a href="https://www.blockhead.co/2023/02/23/paxos-ends-binance-relationship-holds-talks-with-sec/blockhead.co/tag/paxos" rel="noopener noreferrer nofollow">Paxos</a>, which was the issuer of the Binance-branded BUSD stablecoin, officially ended its relationship with <a href="https://www.blockhead.co/2023/02/23/paxos-ends-binance-relationship-holds-talks-with-sec/blockhead.co/tag/binance" rel="noopener noreferrer nofollow">Binance</a>, following the SEC&#39;s announcement that it intends to sue Paxos for violating investor protection laws.Related: <a href="https://www.blockhead.co/2023/03/02/binance-ceo-forbes-does-not-understand-exchange-basics/" rel="noopener noreferrer nofollow">Binance CEO - Forbes Does &#34;Not Understand Exchange Basics&#34;</a>The world of Web3 can be quite a whirlwind. Here at Blockhead, we understand how busy crypto is keeping you, so we kindly send out two newsletters each week: <a href="https://blockhead.co/tag/blockbeat?ref&#61;blockhead" rel="noopener noreferrer nofollow">BlockBeat</a> for a wrap-up of the week’s news and <a href="https://blockhead.co/tag/blockhead-brief?ref&#61;blockhead" rel="noopener noreferrer nofollow">Blockhead Brief</a> for weekend happenings as well as what to look forward to in the week ahead. To avoid FOMO and access member-only features, click <a href="https://www.blockhead.co/#/portal/" rel="noopener noreferrer nofollow">here</a> to subscribe.

Binance Mulls Return to Singapore

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