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Singapore defends itself against Binance stance after FTX collapse


The Monetary Authority of Singapore defended its stance on Binance.com and slammed crypto exchange FTX.

The Monetary Authority of Singapore has defended its stance on Binance.com and slammed crypto exchange FTX, following criticism over the two companies’ divergent treatment since the previous regulator. that alerted the public to Binance.com.

The “obvious difference” between the two is that Binance.com is “actively attracting” users in the city, to the point of offering listing in Singapore dollars along with other incentives, while FTX is not, MAS said in a statement on Monday. To answer the “questions and misconceptions” that it is possible to protect local users who have handled FTX, for example by zoning their assets or ensuring that FTX backs its assets by project storage, MAS has reiterated that FTX is not licensed in that country and again warned of the dangers of dealing with unregulated entities.

The Singapore regulator said it is reviewing the application of the FTX unit

“The most important lesson from the failure of FTX is that trading any cryptocurrency, on any platform, is dangerous,” MAS said. “There are no safeguards in place for customers who transact with cryptocurrencies. They could lose all their money.”

The MAS also revealed that the country’s white-collar police have begun investigating Binance.com for “possibly violating the Payment Services Act,” referring to its rule allowing service providers payments and licensed digital tokens to operate. It said it received a number of complaints about Binance.com between January and August last year, and also had notices in multiple jurisdictions about the company’s soliciting of unlicensed customers during the same period. time.


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