TechFlow News According to THE BUSINESS TIMES, Binance will acquire an 18% stake in Hg Exchange (HGX), a regulated private securities exchange based in Singapore. The report stated that Binance had previously considered leaving Singapore due to unresolved regulatory licensing issues, and this acquisition could help address the regulatory hurdles Binance faces, as HGX recently obtained Recognized Market Operator status from the Monetary Authority of Singapore.
"Cryptocurrencies and traditional financial products continue to converge. Through this investment, we aim to collaborate with HGX to enhance blockchain-powered products and services," said Richard Teng, CEO of Binance Singapore. Notably, Mr. Teng served as chairman of HGX before taking over as CEO of Binance Singapore in August 2021.
