Binance Singapore receives 18% stake in private exchange

On Tuesday, Binance Singapore announced the acquisition of participants in the local private exchange HGX. The CEO said the new investment will help Binance and HGX upgrade “blockchain-powered” products and services in Singapore.

Binance Asia Services, the Singapore-based company of leading financial services firm Binance, has acquired a portion of a local private equity firm, Hg Exchange (HGX).

On Tuesday, the company announced that it will acquire 18% of HGX after the investment. HGX is a commercial product licensed and regulated by the Monetary Authority of Singapore.

Richard Teng, CEO of Binance Singapore, said the new investment will help Binance and HGX upgrade their “blockchain-powered” products and services in Singapore.

“Cryptocurrencies and financial instruments have always been around,” Teng said.

HGX is a community-based private equity firm co-founded by financial firms such as financial management firm Phillip Capital, local financial group PrimePartners and Asian technology platform fundnel fundnel. According to the report, the exchange uses the Zilliqa blockchain.

Teng joined Binance Singapore as Executive Director in August 2021 after serving as CFO at Abu Dhabi Global Business. As CEO, Binance will continue to work closely with “key government agencies” to promote the development of the blockchain ecosystem and actively employ local experts.

This new investment comes shortly after Binance encountered governance issues in Singapore. At the end of September, Binance banned users in Singapore from using the platform for compliance reasons. Previously, Binance banned the use of its products in Singapore after management accused the company of breaking payment rules.