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Binance Asia Services picks up 18% stake in Hg Exchange
Photo Credit: Credit: 123RF.com

Binance Asia Services, the Singapore business division of crypto exchange Binance, on Wednesdays said it has acquired an 18% stake in private securities exchange Hg Exchange (HGX) for an undisclosed amount. 

Richard Teng, CEO of Binance Singapore, said in a statement that 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,” added Teng.   

Founded by PhillipCapital, PrimePartners and powered by Zilliqa’s blockchain, HGX aims to facilitate cross-border issuance and trading of securities. In addition to shares in private companies, HGX is also working to list alternative assets including wines, art and real estate, it said.  

This acquisition is subject to regulatory requirements, the statement noted.

Binace’s Singapore arm has faced regulatory hurdles in the nation and the acquisition could help overcome the hurdles as HGX was recently granted a recognised market operator licence from the Monetary Authority of Singapore, according to a Business Times Report.   

Founded in 2017 by Changpeng Zhao and Yi He, Binance Holdings Ltd is the operator of one of the world's largest crypto exchanges Binance. According to a Wall Street Journal report, Binance has no head office or formal address and lacks licenses in countries where it operates.  

Binance Holding acquired the Indian crypto exchange WazirX in November 2019. Meanwhile, WazirX was under investigation for suspected violation of foreign exchange regulations involving transactions worth Rs 2790 crore.  

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