Binance Asia Services, the Singapore arm of major cryptocurrency exchange Binance, has acquired a stake in a local private securities exchange, Hg Exchange (HGX).

On Tuesday, the company officially announced the acquisition of a post-money 18% stake in HGX, a stock exchange licensed and regulated by the Monetary Authority of Singapore.

Binance Singapore CEO Richard Teng said that the new investment will help Binance and HGX expand the scale of products and services “supported by blockchain technology” in Singapore.

“Crypto and traditional financial offerings continue to converge. We aim to work collaboratively with HGX to enhance the blockchain ecosystem in Singapore,” Teng stated.

HGX is a community-driven private stock exchange, founded by financial institutions such as wealth management firm PhillipCapital, local financial services group PrimePartners and Fundnel, a Southeast Asian private investment technology platform. The exchange reportedly uses the Zilliqa blockchain.

After working as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, Teng joined Binance Singapore as CEO in August 2021, a few years after the Singaporean branch was launched. According to the CEO, Binance continues working closely with “key government agencies” to support the growth of the blockchain ecosystem and is actively hiring local talent.

The new investment comes soon after Binance experienced some regulatory issues in Singapore. In late September, Binance restricted Singapore users from using its platform, citing compliance matters. Previously, Binance had limited product offerings in Singapore amid regulators alleging that the company may have violated payments laws.

Huobi opted to exit Singapore as a global company in order to launch a dedicated local entity in November 2021.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin struggles against resistance as bulls keep their eye on $40,000

Bitcoin price action faced intense selling pressure after the Fed’s decision, with Bitcoin losing more than 5% from its Wednesday high. If the sell-off from the top wasn’t discouraging enough for bulls, then the daily close in the red certainly added insult to injury. 

More Bitcoin news

Crypto.com bulls maintain tentative support zone as CRO bulls target $0.50

Crypto.com price continues to face challenges above the $0.40 price level. Strong selling against the Tenkan-Sen at $0.40 tests buyers' conviction – failure to break above the Tenkan-Sen signals continued weakness.

More Crypto.com news

Polkadot price develops support to return to $30

Polkadot price is holding, so far, the $20 value area as its primary support zone. The recent downtrend and sell-off in the cryptocurrency market has positioned DOT in a strong support zone and one that will likely create the bottom it needs to pursue its next uptrend.

More Polkadot news

Ripple buys back $200 million worth of shares, set to go public at the end of the lawsuit

Ripple bought back $200 million worth of Series C shares from its lead investor, a UK-based investor firm. The payments giant strengthened its balance sheet, set to go public at the end of the SEC vs. Ripple lawsuit.

More Ripple news

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis

BTC

ETH

XRP