Vertex Venture-backed Binance applies for Singapore’s new crypto licence

Zhao Changpeng Photographer: Akio Kon/Bloomberg

Binance Holdings Ltd., the operator of one of the world’s largest crypto exchanges, has applied for an operating license in Singapore under the government’s new payments legislation.

“We have already applied,” Binance co-founder and CEO “CZ” Zhao Changpeng said in a phone interview. “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.”

The Payment Services Act, which came into force last month, is the first comprehensive regulation for companies handling activities ranging from digital payments to the trading of tokens such as Bitcoin and Ether.

In addition to bringing crypto firms into the regulatory fold, the law will hand the Monetary Authority of Singapore formal supervisory powers for cybersecurity risks and controls on money laundering and terrorism financing.

Tokyo-based crypto exchange operator Liquid Group Inc. and London-based Luno, which operate in Singapore, have already said they plan to apply for the licenses.

Binance has an office in Singapore and is backed by Vertex Venture Holdings Ltd., the venture capital arm of Singapore-based Temasek Holdings Pte. The firm, which started off in 2017 as a crypto-to-crypto trading platform, gained momentum by handling crypto-only, which allowed it to grow rapidly without dealing with banks and regulators. But more recently, the startup has set up regulatory-compliant exchanges in jurisdictions like Singapore to appeal to a larger user base.

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.