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Previous ArticleAre Bitcoin ETFs coming soon?Next ArticleNews in cross-border payments, major step for Brazilian exchange and more
  • Jun 14, 2023
  • 5 minutes read

Singapore Grants Major Payment Institution License as Crypto Exchange Scales Down and more

Paysafe Crypto News Update

This article is not intended to be financial, investment or trading advice. This article is for information and solely for education purposes. It does not protect against any financial loss, risk or fraud.

Cryptocurrencies are unregulated in the UK. Capital Gains Tax or other taxes may apply. The value of investments is variable and can go down as well as up.

Circle obtains Major Payment Institution license in Singapore

Source(s): 1

USDC issuer Circle has obtained permission to offer certain financial services in Singapore.

  • Circle has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, allowing its affiliate, Circle Internet Singapore, to provide digital payment token services and cross-border/domestic money transfers in Singapore.
  • This achievement is seen as a significant advancement for regulated and trusted dollar digital currencies in Singapore and the wider Asian region.
  • Circle recently established its office in Singapore and collaborated with Tribe, the country's government-supported blockchain ecosystem builder.
  • Circle's chief strategy officer, Dante Disparte, highlighted the license's importance for financial infrastructure and dollar digital currencies in the region, emphasising their dedication to responsible financial services innovation.


What does this mean for the market?

  • The issuance of a Major Payment Institution (MPI) license to Circle by the Monetary Authority of Singapore is a significant development for the industry.
  • It demonstrates the acceptance and regulation of digital payment tokens and stablecoins, setting a precedent for other companies.
  • The approval strengthens Singapore's position as a global fintech hub and attracts further investment. It also signifies progress in financial infrastructure and the adoption of dollar digital currencies, fostering confidence and trust in digital assets.
  • Overall, this milestone supports the growth of regulated and transparent digital currencies, benefiting the industry and promoting financial innovation.


Coinbase sued by SEC

Source(s): 1

Coinbase is facing a lawsuit from the United States Securities and Exchange Commission (SEC) for allegedly violating securities laws.

  • The SEC has identified multiple tokens, including SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO, as securities in the lawsuit.
  • The lawsuit against Coinbase does not come as a surprise, as the SEC had previously issued a Wells notice to the company, indicating its intent to take enforcement action.
  • Coinbase had also sued the SEC, seeking a response on new digital-asset regulation, but the SEC had already decided to deny its request for new rules.
  • In 2021, the SEC had given approval for Coinbase to list its shares on the Nasdaq, paving the way for a landmark victory for cryptocurrency advocates.
  • To note, the charges brought against Coinbase were civil and not criminal, mainly focusing on Staking. Below is an official response by Coinbase on the matter:
    • “The SEC's reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America’s economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance. The solution is legislation that allows fair rules for the road to be developed transparently and applied equally, not litigation. In the meantime, we intend to continue to operate our business as usual,” Paul Grewal, Chief Legal Officer and General Counsel.
  • The SEC’s lawsuit against Coinbase highlights the ongoing regulatory concerns in the USA in relation to cryptoassets.


BitGo bails out Prime Trust in acquisition deal

Source: 1

The tentative agreement would result in BitGo purchasing Prime Trust outright, the company said on Thursday.

  • BitGo has entered into a preliminary agreement to acquire the parent company of Prime Trust, providing much-needed emergency funding for Prime Trust.
  • The acquisition, outlined in a non-binding term sheet, involves BitGo acquiring 100% of the equity of Prime Core Technologies. The specific terms of the deal have not been disclosed.
  • With distressed crypto companies and increased regulatory oversight, market participants are actively seeking buying opportunities.
  • The planned integration involves folding Prime Trust's trust company into BitGo's regulated crypto-oriented trusts and leveraging Prime Trust's API products to strengthen BitGo's custody, settlement, and compliance functions.
  • Additionally, BitGo highlights the potential benefits of accessing Prime Trust's network of banking partners, payment rails, crypto IRA, and wealth management offerings.


What does this mean for the market?

  • The move signifies BitGo's commitment to enhancing its technology stack and expanding its business lines.
  • As a well-capitalized firm, BitGo's acquisition of Prime Trust may inspire confidence in the market and attract attention from other industry participants looking for potential buying opportunities.
  • Additionally, the integration of Prime Trust's trusted brand, network of banking partners, and wealth management offerings could further bolster BitGo's capabilities and attract new clients.
  • Overall, this acquisition contributes to the evolving landscape of the digital asset industry and reflects a continued focus on growth and innovation. Winding Down U.S. Institutional Business

Source(s): 1

The product offering to retail customers will remain unaffected.

  •, a Singapore-based cryptocurrency exchange, has revealed its decision to discontinue its services for institutional clients in the United States starting from June 21.
  • The company cited "limited demand" from institutional customers amid the current market conditions as the reason for this move.
  • However, retail investors will not be affected by this decision and can still access the platform, including's C-regulated UpDown Options.


What does this mean for the market?

  •'s decision to cease offering its services to institutional clients in the United States may have some implications for the market.
  • While the impact may be limited, it could signify a perceived lack of demand from institutional players in the current market landscape.
  • This move suggests that is reallocating its resources and focusing more on retail investors, potentially aligning its business strategy with the evolving needs of its customer base.
  • However, the overall impact on the market is expected to be minimal, as there are numerous other cryptocurrency exchanges and platforms available to institutional clients in the United States.

BTC Price & Market Sentiment

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  • When Investors are getting too greedy, that means the market is due for a correction.

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