Cryptocurrency exchange Binance’s Singapore unit Binance Asia Services has acquired an 18% stake in private securities exchange Hg Exchange (HGX), CoinTelegraph reported.
- Binance Singapore Chief Executive Officer Richard Teng said the acquisition will help the exchange and HGX expand the scale of products and services on the back of blockchain technology in Singapore.
- Teng said Binance will continue to collaborate with HGX to boost the blockchain ecosystem in Singapore, amid the convergence of crypto and financial offerings continue.
- The acquisition of a stake in the community-driven private stock exchange comes after Binance faced regulatory concerns in Singapore, where users were restricted from using its platform due to compliance issues.
Teng said Binance commits to work closely with key Singaporean government agencies to support the blockchain ecosystem’s growth. BNB is up 0.57%.