Binance Flagged by Singapore Regulator

Binance Flagged by Singapore Regulator

The Monetary Authority of Singapore (MAS) has become the latest regulatory agency to flag the major cryptocurrency exchange Binance. It seems, even after a couple of weeks of relative calm, the crypto exchange is still under fire from all corners of the financial world. The Monetary Authority of Singapore recently placed Binance.com on its Investor Alert List.

This happened on Thursday but the agency did not reveal any additional details. However one can easily notice a causation.

It is widely accepted that the Investor Alert List is a set of unregulated persons or companies that have been “wrongly perceived as being licensed or regulated by MAS.” in other words, those that end up on the list are mostly regulated firms.

Binance.sg is the URL through which the exchange offers its Singapore-based services. The parent company of the firm is Binance Asia Services Pte. Ltd. As of writing this piece of news the Singapore regulator, as well as the Central Bank of the city-state, is currently reviewing the license application under the Payment Services Act. Binance is at the moment operating under an exemption.

A spokesperson for the crypto exchange told The Block that Binance does not offer Singapore-based services through its platform on Binance.com

The blacklisting of the crypto exchanged happens only a week after the company appointed a new CEO of its Singapore unit, one Richard Teng.

Earlier this year, Binance was under attack by many regulators around the world who were issuing warnings against the exchange. The main allegations for these attacks were that the broker was illegally operating and was not following securities market guidelines.

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