Binance buys 18% stake in SG private exchange

Binance Asia Services, which operates Binance.sg, has acquired an 18% stake in Hg Exchange (HGX), a Singapore-based trading firm.

Founded by financial institutions PhillipCapital, PrimePartners, and Fundnel, HGX is Southeast Asia’s first “member-driven” private security exchange. The firm recently bagged a “recognized market operator” license from the Monetary Authority of Singapore (MAS).

Binance CEO Changpeng Zhao / Photo credit: Coinpedia

Binance Singapore CEO Richard Teng said that the firm is looking to work with HGX on ramping up services and products based on blockchain technology as well as on enhancing the blockchain ecosystem in the city-state.

“In Singapore, we continue to work closely with key government agencies to support the growth of the blockchain ecosystem and development of requisite local talent needed,” he added.

The announcement comes amid news of uncertainties around Binance’s bid to acquire a crypto license in Singapore.

According to a recent report from The Business Times, Binance might withdraw its license application in the country. The company has already halted support for crypto trading on its platform for Singapore users after it was listed on an investor alert list by the MAS.