![]() ![]() The bank added that it had received multiple complaints about Binance, leading authorities to instruct the company to pull back its activities in the city-state. But lately, officials there have increased calls for greater regulation of the industry, with the MAS releasing new proposals in October that it said would “reduce risks to consumers from cryptocurrency trading.” In recent years, Singapore has emerged as a regional hub for cryptocurrency startups. According to court documents filed last week, dozens of regulatory agencies around the world have been in contact with FTX specifically over its collapse, pointing to the potential scope of its impact across jurisdictions. Regulators are expected to step up their oversight of the industry as a result of its worst-ever turmoil. “With regard to FTX, there was no evidence that it was soliciting Singapore users specifically.” “While both Binance and FTX are not licensed here, there is a clear difference between the two: Binance was actively soliciting users in Singapore while FTX was not,” the MAS said. ![]() The MAS had received queries on why Binance, the world’s top exchange, had been placed on its investor alert list, which warned users that it was not licensed or regulated locally. In a statement Monday, the Monetary Authority of Singapore (MAS) said it wanted to clear up “questions and misconceptions” that had come up since the implosion of FTX, which until this month was one of the biggest cryptocurrency firms globally. Singapore’s central bank has responded to criticism of its treatment of two of the world’s largest crypto exchanges, explaining why Binance was on an investor watch list while FTX, which has filed for bankruptcy, was not. ![]()
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