World’s target crypto currency exchange Binance will acquire 18% of Singapore regulated private securities exchange Hg Exchange (HGX).
Binance is reported to acquire post money stake via its Singaporean arm Binance Asia Services. The move comes after Binance earlier hinted to cement its place in Singapore.
The acquisition would lead to Binance handle regulatory hurdles since HGX recently was granted market operator license from the Monetary Authority of Singapore.
“Crypto and traditional financial offerings continue to converge. Through this investment, we seek to work with HGX in enhancing offerings of products and services supported by blockchain technology,” said Richard Teng, chief executive, Binance Singapore