Ceffu, formerly called Binance Custody, is a company that provides solutions for custody and liquidity. It operates as a separate platform specifically designed to meet the needs of institutions.
- The return of the Singapore bid, with Ceffu as a licensed entity, could mean that Binance is shifting away from retail clients and instead focusing on corporate customers.
- Singapore has proven to be a difficult market for exchanges. The CZ-led firm pulled its application for the Digital Payment Token license in Singapore’s city-state. It also suggested closing its Singapore-based subsidiary without delving into the details beyond “strategic, commercial, and developmental” factors.
- On the opposite side of the Pacific, Binance is scrutinized by regulators such as the US Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC).
- The company is now focused on compliance and regulations as it is caught in an investigation into regulatory violations. The chief of training for law enforcement, Jarek Jakubcek, was quoted in a press release:
- In a recent conversation, the company’s chief strategy officer Patrick Hillmann admitted missteps during developing security protocols to fight fraud during the first few years following its launch.
- Binance is in talks with authorities within the US and anticipates paying penalties for its previous conduct.
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