“We have already applied,” Binance co-founder and CEO “CZ” Zhao Changpeng said in a phone interview(bloomberg). “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.”
The Payment Services Act came into force last month and is the first comprehensive regulation for digital payments and token trading companies.
The law oversees the risks and money laundering through digital currencies.
Binance recently launched exchanges in jurisdictions such as SIngapur to meet regulatory requirements to reach more users.