Binance’s Asia division, facing difficulties in obtaining a license in Singapore, acquired 18% of the shares of the local exchange HGX.
bought 18% of shares in the HGX stock exchange, regulated by the Monetary Authority of Singapore (MAS). Richard Teng, CEO of Binance Singapore, believes the new investment will help Binance and HGX expand their range of products and services in Singapore. This decision was made due to uncertainties with the license for Binance Asia, which developed in early December. Buying HGX shares can simplify the licensing process.
As a reminder, at the end of September, the exchange closed its platform for local users. This came after the Monetary Authority of Singapore reported that Binance was violating the payment services law.
Teng took over as CEO of Binance Singapore in August this year, several years after opening a branch. He said that the unit is actively working with the government to develop the ecosystem and hire specialists.
“Crypto and traditional finance continue to converge. We are committed to partnering with HGX to improve the ecosystem in Singapore, ”Teng said.
Binance is undergoing a restructuring due to regulatory pressure. It is planned to create several headquarters in different countries, the first may be Ireland or France.