Binance Asia Services, the Singapore arm of leading cryptocurrency exchange Binance, has acquired a stake in a local private equity exchange, Hg Exchange (HGX).
On December 7, the company officially Announced an acquisition of an 18% after-money stake in HGX, a stock exchange licensed and regulated by the Monetary Authority of Singapore.
Binance Singapore CEO Richard Teng said the new investment will help Binance and HGX further expand the scale of products and services "supported by blockchain technology" in Singapore.
โTraditional financial and crypto offerings continue to converge. Our goal is to work collaboratively with HGX to enhance the blockchain ecosystem in Singapore, โsaid Teng.
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 serving as CEO of Abu Dhabi Global Market Financial Services Regulatory Authority, Teng United Binance Singapore as CEO in August 2021, a few years after the Singapore branch opened. According to the CEO, Binance continues to work closely with "key government agencies" to support the growth of the blockchain ecosystem and is actively recruiting local talent.
Related: Singapore Suspends Exchange Bitget's License On K-pop Coin Promotion
The new investment comes shortly after Binance experienced some regulatory issues in Singapore. By the end of September Binance restricted Singapore users from using their platform, citing compliance issues. Formerly, Binance Limited supply of products in Singapore. amid regulators who allege the company may have violated payment laws.
Huobi chose to exit Singapore as a global company in order to launch a dedicated local entity in November 2021.
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