Binance Asia acquires 18% of the shares in the Singapore Stock Exchange “HGX”
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Answer Binance Asia acquires 18% of the shares in the Singapore Stock Exchange “HGX”
Today, December 8, Binance Asia (aka Binance.sg), the Singaporean arm of the world’s leading cryptocurrency exchange Binance, has invested in the Singapore private stock exchange “HG Exchange (HGX).”
Binance’s strategic bet:
According to an official press release, Binance Singapore (BAS) has revealed an investment and purchase of an 18% stake in the HGX stock exchange.
Richard Teng, CEO of Binance Singapore, stated that the platform plans to work collaboratively with HGX to strengthen the blockchain ecosystem in the region, adding:
Crypto offerings and traditional financial offerings continue to converge.
Through this investment, we seek to work with HGX in enhancing our blockchain-enabled product and service offerings.Read:How to Convert Bitcoin Transactions to Private Transactions
In Singapore, we continue to work closely with key government agencies to support the growth of the blockchain ecosystem and the development of in-demand local talent.
It is worth noting that HGX was founded by prominent institutions such as brokerage firm PhillipCapital, financial services group PrimePartners and investment firm Fundnel.
In addition, the exchange is operated in cooperation with the crypto company Zilliqa.
The Singaporean regulator, the Monetary Authority of Singapore (MAS) recently granted HGX a Recognized Market Operator license.
The battle of regulation from Binance is not over yet:
Despite acquiring an 18% stake in a regional private stock exchange and access to dealing with a regulated market operator, Binancel is yet to strengthen its position in Singapore.
Earlier reports indicated that cryptocurrency exchange Binance plans to withdraw its app from the region.
Known for organizing in Singapore, it is a hard-to-crack nut.
Besides, with the increasing regulatory threat across different parts of the world, Binance is looking to build a headquarters.
Earlier in September this year, the regulator MAS added Binance.com to its investor alert list, listing unregulated platforms that may be mistakenly seen as licensed or regulated by the authority.Read:Institutional Demand Continues…Bitcoin ETFs Now Hold Over 22,500 BTC
Soon after, a Binance official clarified that the entities “Binance.com”, “Binance Singapore” and “Binance.sg” are separate platforms and companies.
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