Binance the largest crypto exchange in the world has applied for an operating license in Singapore.
This news was confirmed by CEO of Binance Changpeng Zhao. Zhao in a phone interview with Bloomberg revealed Binance’s interest in spreading into the Asian nation.
According to Zhao, local authorities on Singapore had been proactive and open-minded which facilitated the exchange willingness to operate within the country.
“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
Singapore recently introduced new laws guiding crypto assets
Singapore has emerged as an attractive destination for blockchain firms after introducing comprehensive laws for businesses dealing with digital assets.
In January the Asian nation introduced the payment Service Act 2019 (PSA). The law brings about supervision of all crypto-related businesses and exchanges within the country.
Also it integrates anti-money laundering rules for these businesses to prevent illegal funding within the country.
With these laws, crypto firms and exchanges are required to register and apply for a license to operate within the country.
This according to the financial watchdog, the Monetary Authority of Singapore will provide a flexible regulatory framework in the payments industry.
Binance remains active with key developments and expansion
Binance has continued to make major developments and inroads in the past few months.
Recently the exchange added different trading pairs including BNB/USDT perpetual contract. This allows users to leverage their trades to up to 50X.
Binance has also continued to add more gateways for peer-to-peer trading on it’s platform. The Russian Ruble was recently added to its trading platform.
While the Nigerian Naira and Turkish Lira was added a few months back. This means that users from these countries can purchase cryptocurrencies directly from their native currency on the platform.