Binance is acquiring an 18% post-money stake in Hg Exchange (HGX) — a private securities exchange that has obtained a recognized market operator license by the Monetary Authority of Singapore (MAS) — through Binance Asia Services, the blockchain ecosystem and cryptocurrency provider behind Binance, according to a company statement released Wednesday.
- Binance’s investment in HGX comes as the embattled crypto exchange reportedly considers withdrawing its license application in Singapore and looking elsewhere in its search for a global headquarters.
- HGX is a private securities exchange that’s also working to list alternative assets including wine, arts and real estate, on top of shares in private companies, according to the statement.
- “Crypto and traditional financial offerings continue to converge,” said Richard Teng, CEO of Binance Singapore. “Through this investment, we seek to work with HGX in enhancing offerings of products and services supported by blockchain technology.”
- Binance currently operates in Singapore as Binance.sg or Binance Asia Services, with an exemption from holding a license while its license application for the provision of digital payment token services is under review by the MAS.
- In September, Binance said it would restrict users in Singapore from buying crypto using fiat, spot trading and liquid swaps on its main Binance.com platform starting Oct. 26.