Crypto exchange Binance will have its custodial arm apply for a permit to offer cryptocurrency services in Singapore “in due course”, Nikkei Asia reported on Thursday, citing executives from the unit.

Binance did not immediately respond to a Reuters email seeking comment.

Singapore, a broadly crypto-friendly city-state, has previously presented challenges for the crypto giant.

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Binance Asia Services, a Singapore affiliate of Binance, withdrew its local license application in December 2021 without giving a reason beyond “strategic, commercial and developmental” considerations.