Binance Asia acquired 18% shares of the HGX exchange – Bits Media

Binance Asia, having encountered difficulties in obtaining a license in Singapore, purchased 18% shares of the local exchange HGX.

Company
bought 18% shares of the HGX stock exchange, regulated by the Monetary Authority of Singapore (BUT). Richard Tan (Richard Teng) генеральный директор Binance Singapore, considers, that the new investment will help Binance and HGX expand their range of products and services in Singapore. This decision was made due to licensing uncertainties for Binance Asia, which developed in early December. Buying HGX shares can simplify the licensing process.

Recall, that at the end of September the exchange closed its platform to local users. This happened after that, as the Monetary Authority of Singapore reported, that Binance violates the payment services law.

Teng became CEO of Binance Singapore in August this year., several years after the opening of the branch. He told,  that the unit is actively interacting with the government to develop the ecosystem and recruit specialists.

“Cryptocurrency and traditional finance continue to converge. We are committed to partnering with HGX, to improve the ecosystem in Singapore", - said Ten.

Due to regulatory pressure, Binance is undergoing restructuring. It is planned to create several headquarters in different countries, Ireland or France could be first.