Binance Singapore acquires 18% stake in Hg Exchange (HGX)
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Binance Asia Services, the Singapore branch of the world’s leading cryptocurrency exchange Binance, has acquired shares of a local private equity exchange, Hg Exchange (HGX).
Binance aims to grow stronger in Singapore
Binance Asia Services has officially announced the acquisition of an 18% stake in HGX, a stock exchange licensed and regulated by the Monetary Authority of Singapore.
Binance Asia Services CEO Richard Teng said the new investment will help Binance and HGX scale blockchain-powered products and services in Singapore.
“Cryptocurrency and traditional financial services continue to be strongly interconnected. We look forward to working with HGX to enhance the blockchain ecosystem in this country.”
One of Binance’s “determinations” in returning to the UK market
HGX is a community-based private equity exchange, founded by financial institutions such as asset management firm PhillipCapital, local financial services group PrimePartners, and Fundnel, a technology platform. private investment in Southeast Asia. The exchange reportedly uses the Zilliqa blockchain.
The new investment comes shortly after Binance ran into some regulatory issues in Singapore. In late September, Binance blocked spot trading and fiat deposits for users in Singapore. Earlier, the exchange also restricted crypto services to the island nation when regulators allege that the company may have violated payment laws.
However, with the recent move of “determination” to return to the UK market despite the legal troubles that once surrounded the exchange, Binance will certainly not give up the Singapore market easily at the present time. , when the majority of users still trust to use Binance after serious incidents in the past. Especially in the context that heavyweight rival Huobi has chosen Singapore as its headquarters in Asia.
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