Binance Singapore has just applied for a new license to operate with cryptocurrencies after the new Payment Services Act came into force on January 28.
The exchange CEO Changpeng Zhao said on Sunday during an interview with Bloomberg:
"We have already applied. 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."
Per this new regulation, all crypto-related companies in the country must register and obtain the relevant license to offer their services. They must obtain at least one of the 3 licenses available:
- Money-changing license.
- Standard payment institution.
- Major payment institution license.
It is still unknown which license Binance has applied for.
The crypto trading platform has been offering its fiat-to-crypto services since April 2019.
Binance is constantly working on the improvement of its services. For example, in late January it was known the trading platform had cut fees for withdrawing Bitcoin, Ethereum and ERC-20 tokens.
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