BINANCE will acquire 18 percent of Singapore-based private equity exchange Hg Exchange (HGX), the move comes after Binance faces Singapore regulatory woes.
this acquisition It could help reduce Binance’s regulatory hurdles as HGX recently obtained a market operator license recognized by the Monetary Authority of Singapore. HGX is also working to list alternative assets such as wine, art and real estate.
Richard Teng, CEO of Binance Singapore, said: “Crypto and traditional financial offerings can converge through this investment. We endeavor to work with HGX to improve our offering of products and services backed by blockchain technology.” Teng was HGX president before he took over as head at Binance Singapore in August 2021.
HGX is backed by financial institutions. PhillipCapital, Prime Partners and Fundnel
“In Singapore, we continue to work closely with key government agencies to support the growth of the blockchain ecosystem and the development of necessary local capabilities,” Teng said.
refer : LINK
The post Binance announces acquisition of 18% stake in Singapore-based privately regulated private equity exchange “Hg Exchange” appeared first on Bitcoin Addict.