The world’s largest crypto exchange by volume has reportedly applied for a license under Singapore’s new law.
In an interview with Bloomberg, Binance CEO Changpeng “CZ” Zhao said that the company’s Singaporean entity has already applied for a license under the Lion City’s new Payment Services Act.
“We have already applied. We submitted the application pretty fast,” said Zhao. “Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.”
Singapore’s Payment Services Act – which came into effect late last month – requires all crypto businesses and exchanges in the country to register with the Monetary Authority of Singapore (MAS). After registering, the companies are given six months to apply for a license to operate.
Binance has been operating in Singapore for nearly a year, with support for eight cryptocurrencies including bitcoin (BTC) and ether (ETH).