Friday, September 17, 2021

The Monetary Authority of Singapore places Binance.com on the investor alert list.

The Takeaway:

The Monetary Authority of Singapore, the country's central bank and financial regulator, has placed crypto exchange Binance.com on the investor alert list.

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The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, has placed crypto exchange Binance.com on the investor alert list. The placement took place today and only mentions “www.binance.com” on the list. The investor alert list of the MAS provides a list of unregulated firms which may have been wrongly perceived as being regulated or licensed by the authority.

 

Binance Singapore hired the former chief of Singapore Stock Exchange as its CEO. 

The news comes one week after Binance hired Richard Teng, the former chief regulatory officer of the Singapore Stock Exchange, as CEO of Binance Singapore. Teng also worked at the MAS for 13 years as director of corporate finance from 1994 to 2007. Notably, Binance’s Singapore website Binance.sg is currently not on the investor alert list. A Binance spokesperson told the crypto news outlet The Block that Binance.com and Binance.sg are separate exchanges. “Binance.sg operates in Singapore with its own local executive and management team,” said the spokesperson. 

 

Binance Singapore does not offer any products or services via the Binance.com website.

Binance spokesperson went on to say that Binance Singapore does not offer any products or services via the Binance.com website. The crypto exchange operates in Singapore through Binance Asia Services Pte. Ltd. This entity is currently on the list of entities that have been granted an exemption from holding a license under the Payment Services Act for a specified period. The financial authority MAS is currently reviewing the entity’s licensing application. Currently, Binance is facing severe regulatory scrutiny from financial regulators all over the world. Earlier, Binance had made it clear that the exchange is working towards strengthening compliance with regulators in different countries. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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