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Why a Singapore Cryptocoin Firm Now Does Its Banking in Japan

  • Quoine CEO says Japan is leading on cryptocurrency oversight
  • Banks in Singapore have ‘zero tolerance’ of sector: Kayamori
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Quoine Pte, a cryptocoin exchange operator founded in Singapore, said it’s now routing customers’ payments to Japan, where the firm banks with lenders including Mitsubishi UFJ Financial Group Inc. after an account in the city-state was closed.

A local branch of CIMB Group Holdings Bhd. gave the company three weeks’ notice before terminating its account at the end of September, Quoine Chief Executive Officer Mike Kayamori said. Customers now have to wire their payments to accounts at the firm in Japan, he said in an interview last week.