Binance Singapore arm acquires 18% stake in private stock market
Binance Asia Services, the Singapore arm of significant cryptocurrency exchange Binance, has actually acquired a stake in a regional private securities exchange, Hg Exchange (HGX).
On Dec. 7, the business officially revealed an acquisition of a post-money 18% stake in HGX, a stock market licensed and controlled by the Monetary Authority of Singapore.Binance Singapore CEO Richard Teng stated that the new financial investment will assist Binance and HGX further broaden the scale of services and products”supported by blockchain innovation “in Singapore. “Crypto and standard monetary offerings continue to assemble. We aim to work collaboratively with HGX to boost the blockchain ecosystem in Singapore,”Teng stated.HGX is a community-driven private stock exchange, founded by financial
organizations like wealth management company PhillipCapital, local monetary services group PrimePartners, and Fundnel, a Southeast Asian personal investment innovation platform. The exchange reportedly uses the Zilliqa blockchain.After working as CEO of Financial Solutions Regulatory Authority at Abu Dhabi Global Market, Teng joined Binance Singapore as CEO in August 2021, a few years after the Singaporean branch was launched. According to the CEO, Binance continues working closely with “essential government companies”to support the development of the blockchain ecosystem and is actively employing local talent.Related: Singapore suspends exchange Bitget’s license over K-pop coin promotion The new investment comes quickly after Binance experienced some regulatory concerns in Singapore. Inlate September, Binance limited Singapore users from using its platform, citing compliance
matters. Formerly, Binance minimal item offerings in Singapore in the middle of regulators declaring that the company may have broken payments laws.Huobi decided to exit Singapore as an international company in order to release a devoted local entity in November 2021. Published at Wed, 08 Dec 2021 09:55:14 +0000