PANews reported on March 2 that according to Nikkei News, Binance plans to try again to obtain a license to provide cryptocurrency services in Singapore, shifting from retail customers to corporate customers. Jarek Jakubcek, Binance's head of law enforcement training, said that it would let its custody department apply for a license to provide such services "when appropriate", and Binance has been improving its capabilities to meet the requirements of regulators.

Binance launched a revamped business for corporate clients in Singapore in late November, rebranding Binance Custody as Ceffu. The spinoff caters to professional investors seeking custody and other digital asset services. It is this business that Binance is looking to get a license for.