Energy Company to Perform Blockchain Rebranding

Company had already lost more than $1 million of its cryptocurrency investments
22 August 2018   850

The energy company Global Energy Resources International Group, despite millions of dollars losses on crypto-currency investments, announced plans for rebranding, within which its new name will indicate a link with the blockchain industry. This is reported by CoinDesk.

The application for the change of name has already been submitted to the Hong Kong Stock Exchange, where its shares are traded. The Chinese company name will be changed to Global Token Limited.

The application states that the company has launched crypto-currency trading platforms in Hong Kong in recent months, and has also made several investments in crypto-currencies and technologies based on the blockchain.

According to Global Energy Resources International Group, the total volume of its investment in crypto-currency assets at the end of June was $ 2.4 million. Due to the fall of the market, the company lost almost 50% ($ 1.02 million). At the moment, among the company's crypto-currency assets are 2 135 ETH and more than 20 million XPA tokens.

Global Energy Resources International Group is headed by Chinese billionaire Chen Ping.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   227

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.