Singapore city Singapore Platform Fallout Digital Provident cryptocurrency Binance Singapore city Singapore

Singapore Defends Itself Against Binance Stance Post FTX Fallout

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tech.hindustantimes.com

The Monetary Authority of Singapore 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.

In response to “questions and misconceptions” that it was possible to protect local users who dealt with FTX, such as by ringfencing their assets or ensuring that FTX backed its assets with reserves, the MAS reiterated that FTX isn't licensed in the country and again warned about the dangers of dealing with unregulated entities.

Singapore Regulator Says Reviewing FTX Unit's Application“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.

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