Binance Follow the war! 18% stake in the Singapore Stock Exchange Hg Exchange

Binance Asia Services, operator of Binance Singapore (Binance.sg), announced on April 8 that it had acquired 18% of the local private exchange business under the “Hg Exchange” (HGX) license. It is not known how much Binance Asia Services invested in acquiring the product, and the purchase has yet to be approved by local authorities.

HGX is East Asia's premier community-led private equity firm founded by Singapore's three of the largest financial firms, our financial group Phillip Capital, Prime Partners and Southeast Asia Private Investment. . The exchange is operated by the Zilliqa blockchain and enables the trading of the company's stock tokens. HGX also lists other symbolic assets such as alcohol, art, and real estate.

"THBLOCK" reported that HGX also received a Trade Reform Certificate (RMO) license from the Monetary Authority of Singapore earlier this year. This license allows companies to provide digital tokens or trade security, allowing Binance Singapore to work with the management company. contractor.

Binance Singapore CEO Richard Teng said in a statement, “Cryptocurrencies and financial products will continue to grow. Through this investment, we are working with HGX to strengthen Singapore's blockchain ecosystem. We will continue to work closely with key governments in Singapore to support the development of the blockchain ecosystem and local needs.

Richard Teng was chairman of HGX before joining Binance Singapore in August this year.

Binance Singapore's regulatory dilemma

The cryptocurrency industry previously reported that Binance announced it would shut down its service in Singapore in early September after receiving a warning from the Singapore bank in August of this year. When the feature was added, the Binance.com app was removed from the local iOS and GooglePlay platforms.

At the end of September, we announced that from October 26, 2021, users in Singapore will no longer be able to access certain features of Binance.com, including escrow services, cryptocurrency trading sites, and fiat purchases. of crypto services. Compliance commitment.

Binance Asia Services is currently awaiting approval from the Monetary Authority of Singapore to provide cryptocurrency services to Singapore. Additionally, as Binance acquired a stake in HGX, overseas media 'Time Trading' reported for 2nd that Binance may withdraw its Singapore license and move its headquarters from one world to another. However, the Binance spokesperson declined to comment on the report, saying Binance did not comment on the rumors or speculation.