Binance applies for a Singapore crypto license

[mlawson71]

Singapore recently amended its payments legislation and since the new law which came into force in January affects all companies that deal in cryptocurrency payments or trading with digital coins, Binance applied for a license there.

The Binance CEO Zhao Changpeng issued a statement about his company having applied for such license - “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.”

According to this new legislation the local financial regulator, the Monetary Authority of Singapore, will be able to supervise the cryptocurrency sector for cases of security risks, money laundering and financing terrorism.
Source

That is good news for Binance, I think. And I also wonder whether other, smaller crypto exchanges will follow suit.