Highlights

CEO Morning Brief

Author: edgeinvest   |   Latest post: Tue, 10 Jan 2023, 11:54 AM

 

Singapore Defends Its Stance on Binance Post FTX Fallout

Author:   |    Publish date:


(Nov 21): The Monetary Authority of Singapore (MAS) defended its stance on Binance.com and collapsed crypto exchange FTX, following criticisms about the differing treatment of the two firms since the regulator had previously alerted the public to Binance.com.

The “clear difference” between the two was that Binance.com was “actively soliciting” users in the city state, to the extent of offering listing in Singapore dollars among other incentives, while FTX was not, the MAS said in a statement on Monday (Nov 21). In response to “questions and misconceptions” that it was possible to protect local users who dealt with FTX, such as by ring-fencing their assets or ensuring that FTX backed its assets with reserves, the MAS reiterated that FTX wasn’t licensed in the country, and again warned about the dangers of dealing with unregulated entities.

“The most important lesson from the FTX debacle is that dealing in any cryptocurrency, on any platform, is hazardous,” the MAS said. “There is no protection for customers who deal in cryptocurrencies. They can lose all their money.”

The MAS also revealed that the country’s white-collar police started investigation into Binance.com for “possible contravention of the Payment Services Act”, referring to its rule under which it allows licensed payment and digital token service providers to operate. It said it had gotten several complaints about Binance.com between January and August last year, and there were also announcements in multiple jurisdictions of unlicensed solicitation of customers by the firm during the same period.

Source: TheEdge - 22 Nov 2022

Share this

  Be the first to like this.
 


APPS
I3 Messenger
Individual or Group chat with anyone on I3investor
 
 

223  248  229  649 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 Pollux Prop 0.051+0.004 
 Sembcorp Marine 0.139-0.006 
 The Place Hldg 0.0160.00 
 HSI 23000MBeC.. 0.037-0.019 
 HSI 20000MBeP.. 0.066+0.013 
 HSI 23400MBeC.. 0.061-0.02 
 Oceanus 0.015+0.001 
 CapLand IntCom T 2.11-0.01 
 Genting Sing 0.9950.00 
 MarcoPolo Marine 0.044+0.002 
PARTNERS & BROKERS