Clarifications on Our Singapore Business

2023-03-03  •  2 min read

On 2 March 2023, several media publications miscontextualized Ceffu’s previously stated intention of applying for a license with the Monetary Authority of Singapore (MAS).  We would like to take this opportunity to clarify how our Singapore business operates.

Ceffu, not Binance, will be applying for a license with the Monetary Authority of Singapore (MAS) in due course

As written in our announcement from November 2022, Ceffu launched its institutional custody services in Singapore under its own locally registered entity, which will be applying for a license with the MAS.

Ceffu will be applying for a Major Payment Institution license, not a Capital Market Services license

The MAS license that Ceffu will be making its official application for in due course is the Major Payment Institution license (MPI).

The Payment Services (Amendment) Act 2021 introduced custodial services for DPTs as a new activity under the MPI. Once the relevant amendments to the Payment Services Act goes live and the application for an MPI to provide custodial services for DPTs opens, Ceffu will then be able to make its official application.

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About Ceffu

Ceffu is a compliant, institutional-grade custody platform offering custody and liquidity solutions that are ISO 27001 & 27701 certified and SOC Type 1 & Type 2 attested. Its multi-party computation (MPC) technology, combined with a customizable multi-approval scheme, provides bespoke solutions allowing institutional clients to safely store and manage their digital assets through its insured, segregated cold storage solution, Qualified Wallet.

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