Binance to Purchase 18% Stake in Private Securities Exchange
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Binance's Asian arm, Binance Asia Services, is planning to buy an 18% stake in Hg Exchange (HGX), a Singaporean private securities exchange powered by Zilliqa's blockchain. According to a press release, the deal is yet subject to regulatory approval.

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Richard Teng, CEO of Binance Singapore, says the investment will expand Binance's list of products and services supported by blockchain technology.

"We aim to work collaboratively with HGX to enhance the blockchain ecosystem in Singapore," Teng added.

The price of the deal remains undisclosed. It is also unclear when Binance plans to get approval for the purchase. In September this year, Binance suspended several products and offerings in Singapore after the Monetary Authority of Singapore, the country's central bank, included the exchange into its investor alert list. The list contains unregulated persons who, based on information received by MAS, "may have been wrongly perceived as being licensed or regulated by MAS."

Binance to Relaunch Services in UK

Earlier, Binance drew scrutiny from regulators around the world over the unauthorized activity of affiliated companies. As of press time, watchdogs of Hong Kong, Poland, Malta, Italy, Cayman Islands, and Singapore issued warnings against the exchange and affiliated companies.

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