Singapore-based Binance Asia Services has bought an 18% stake in the country’s private securities trading platform, Hg Exchange.
Binance Singapore CEO Rochard Teng noted that the new move would help the two firms increase their product and services underpinned by blockchain technology. He adds that the traditional financial instruments have a common ground and enhance the new technology.
The new development by the world’s largest exchange comes after it experienced regulatory bottlenecks in Singapore. Binance was forced to block Singapore users from accessing its platform over regulatory compliance-related concerns.
HXG is a licensed private stock exchange in the Southeast Asian country and is regulated by the Monetary Authority of Singapore. The exchange uses the Zilliqa blockchain and is driven by the community.
HGX was founded by financial firms PhilipCapital and Fundnel. PhilipCapital is a financial services group based in Singapore, while its counterpart is an investment technology firm.