Mar 02, 2023
Binance Rebrands Crypto Custody Arm to Ceffu, Eyes Singapore Licensing
Binance recently announced the rebranding of its custodial arm to Ceffu, which aims to provide institutional investors with crypto custody services in Singapore. Cointelegraph reached out to Ceffu to get their insights on the Singaporean crypto market and their upcoming plans of offering crypto custody services to institutional clients.
Singapore has become a popular hub for crypto businesses due to its flexible tax policies, access to diverse tech talent, and its convenient location that allows companies to operate smoothly within the region in Asian time zones. The Monetary Authority of Singapore (MAS) is expected to open up the crypto custody licenses for institutions after relevant amendments to their Payment Services Act.
Athena Yu, vice president of Ceffu, told Cointelegraph that Singapore has a reputation for innovation, good corporate governance and a strong regulatory framework. According to Yu, Ceffu launched its Singapore business specifically to provide custody services to institutional investors. Once the relevant amendments to the Payment Services Act go live and the application for a custody license opens, Ceffu will make its official application with the MAS.
Although Binance withdrew its crypto license application before MAS in December 2021 and eventually closed down all operations in the country by February 2022, the crypto exchange has come out to set the record straight. Binance told Cointelegraph that Ceffu, its “independent institutional custody partner,” is the one looking to apply for an institutional crypto custody license when Singapore’s central bank opens up applications.
Ceffu’s crypto custody services are designed to provide institutional investors with a secure and compliant way to store their digital assets. The company offers a range of NFT marketing services, including Twitter NFT marketing, NFT promotion, and NFT marketing agency services, to help investors promote and sell their NFTs. Ceffu also provides a web3 agency to help investors develop and deploy decentralized applications.
Ceffu’s crypto custody services are just one of the many ways that Binance is looking to expand its presence in the web3 space. With the rebranding of its custodial arm, Binance is looking to provide investors with the tools and services they need to securely store and manage their digital assets. With the launch of Ceffu, Binance is now positioned to offer institutional investors with a comprehensive suite of services to help them succeed in the crypto market.
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