The Monetary Authority of Singapore (MAS) has added the cryptocurrency exchange site Binance to a list of resources that investors need to be wary of.
Unregulated companies are added to the list that may be “perceived” as licensed firms in Singapore. Interestingly, the regulator added the global Binance website www.binance.com to the list, while a separate “daughter” of the cryptocurrency exchange with the website www.binance.sg operates in Singapore.
A Binance spokesperson stressed that all activities in Singapore are carried out by the local company Binance Asia Services Pte. Ltd., which has its own local management. This company operates the Binance.sg website and does not provide any services through the global exchange portal. At the moment, the Singapore company is in the process of obtaining a license from the local regulator, therefore it is not subject to any sanctions from the MAS.
As a reminder, recently the head of Binance Asia Services Pte. Ltd became the former Chief Compliance Officer of the Singapore Stock Exchange, Richard Teng. Prior to that, Ten worked for 13 years at MAS.
Recently, the UK regulator, which had previously warned the Binance exchange that the site could not carry out regulated activities in the country, announced that the site had met all regulatory requirements.
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