Home News Binance Singapore acquires 18% stake in Hg Exchange

Binance Singapore acquires 18% stake in Hg Exchange

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Singapore division of the crypto exchange Binance acquired an 18% stake in the local regulated security token platform Hg Exchange (HGX).

Thus, the transaction is subject to regulatory approval. Moreover, financial terms are undisclosed.

Founded in 2019 by PhillipCapital, PrimePartners and Fundnel, the HGX platform has a MAS license from a recognized market regulator. It allows you to trade digital tokens and securities.

Enhancing the blockchain ecosystem in Singapore

In addition to security tokens of private companies, HGX focuses on listing tokenized wines, art and real estate. Furthermore, the trading platform operates on the Zilliqa blockchain.

“Crypto and traditional financial offerings continue to converge. We aim to work collaboratively with HGX to enhance the blockchain ecosystem in Singapore”. Said Richard Teng, Chief Executive Officer of Binance Singapore.

Binance operates in the country through Binance Asia Services Pte. Ltd. Currently, this organization is on the list of companies that have been exempted from owning a license based on the law “On Payment Services”.

Plans to open headquarters in France, UAE, Singapore and UK

Binance Singapore, which owns the domain binance.sg, has submitted an application for a license to MAS. Also, it is currently functioning “within the framework of the relevant exception”.

The CEO of the exchange Changpeng “CZ” Zhao in November announced plans to open the headquarters of Binance in France. He later added that Binance considered the UAE and Singapore among possible jurisdictions.

Recall that previously in December, Zhao said that the exchange plans to expand to the United Kingdom in the next six to 18 months. The platform must adhere to money laundering and terrorist financing rules. In order to become a registered crypto-asset firm in the United Kingdom. To meet these regulations, Zhao stated that the company was considering forming a separate company to operate in the United Kingdom, similar to Binance.US.

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