Binance acquires an 18% stake in Hg Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. regulated regulation is when something is controlled by a specific set of rules. by Singapore, thus seeking to re-enter the Singapore market.
The largest exchange in the world,Binance, will acquire 18% of the private stock exchange regulated by Singapore,Hg Exchange (HGX).
It is worth remembering thatBinance ceased to provide some services in the Asian nation. as announced in September. The exchange said it would stop offering certain services to Singapore users on its main platform, Binance.com. Restricted services included fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. deposits, spot a contract or transaction buying or selling a cryptocurrency for immediate settlement, or payment and delivery, of the cryptocurrency on the market. trading of cryptocurrencies, and the purchase of cryptocurrencies through fiat channels and liquid swaps.
Ahora Binance is looking to re-enter the market but in a different way. The exchange will acquire a stake inHGX through its Singapore arm,Binance Asia Services.
According to media reports, the acquisition could help with the regulatory hurdles ofBinance, ya que HGX recently received a recognized market an area or arena, online or offline, in which commercial dealings are conducted. operator license from the Monetary Authority of Singapore.
Hg Exchange is a private stock exchange built on the blockchain. Zilliqawhich facilitates the trading of tokenized shares of private companies. HGX is also working on the list of alternative digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets, including wine, art, and real estate Binance said.
“Traditional and crypto financial offerings continue to converge. Through this investment, we look forward to working with HGX to enhance product and service offerings backed by Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. technology.”said Richard Teng, executive director ofBinance Singapur. Teng fue presidente de HGX antes de asumir el cargo de jefe de Binance Singapur en agosto de 2021.
HGX has the backing of financial institutions PhillipCapital, Prime Partners y Fundnel.This acquisition is still subject to regulatory requirements.
Ahora bien, no está claro cuánto Binance Asia is investing inHGX to acquire the share that corresponds to almost one-fifth.
It is worth remembering that the purchase ofBinance of an interest in HGX comes shortly after it was reported that theexchange is installing Ireland, which could become its head office in the future. and not Singapore. It is also on its way to having a based in France .
With regard to Singapore, the company, which operates the exchange binance.sg, is currently exempt from holding a license under theSingapore Payment Services Actas your license application is under review.