blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Bet Now
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Bet Now
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

Singapore Regulators Explains Why Binance Was Issued Warnings but Not FTX

Samuel Edyme by Samuel Edyme
November 21, 2022 - 2:45 pm
in bitcoin news, altcoins news
0
MAS Singapore
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Following the issue regarding Singapore regulators giving more warnings to Binance instead of FTX,  the Monetary Authority of Singapore (MAS) has published a statement addressing this issue and clarifying some misconceptions.

MAS Addresses Misconceptions in the Wake of FTX Crash

The crash of FTX has caused a lot of questions from individuals declaring that regulators could have been able to interfere to protect users, whether by restricting  their assets or ensuring that FTX backed its assets with reserves. MAS responded to this question in the published statement expressing that they could not intervene since FTX is not licensed by MAS and operates offshore. 

The MAS also pointed out the misconception about MAS treating Binance differently from FTX, particularly in the aspect of placing Binance on the Investor Alert List (IAL) while FTX was not. MAS responded to this by saying while both exchanges are not licensed, the apparent difference between the two was that Binance was “actively soliciting users” in Singapore while FTX was not.

The MAS mentioned that Binance went as far as offering listings in Singapore dollars and accepting Singapore-specific payment modes such as PayNow and PayLah – a move that made MAS receive several complaints about Binance between January and August 2021, according to the statement. 

MAS further explained that Binance kept on soliciting Singapore users hence the reason they had to place the crypto exchange on IAL. FTX was not placed on IAL because there was no evidence that it had breached the Payment Services Act (PS Act).

Notably, MAS stated that since it had required Binance to stop soliciting users, the crypto exchange has established various measures that include geo-blocking of Singapore IP addresses and removing its mobile application from Singapore app stores. If Binance pulled apart the restrictions, MAS said Binance would have to comply with the prohibition against soliciting Singapore users without a license.

Other Addressed Misconceptions

Another question the MAS addressed in the statement was regarding MAS having to exhaustively list on the IAL and provide information on all the offshore crypto exchanges worldwide. The MAS responded that there are hundreds of exchanges and entities that accept investments in non-crypto assets, so it will not be possible to list all of them. 

The MAS added that the IAL warns the public of entities that may be wrongly perceived as being MAS-regulated. As a result, thousands of other offshore entities, which are not listed on the IAL, do not mean they are safe to deal with. Additionally, to preserve the IAL, MAS says it publishes a Financial Institutions Directory on its website that is an exhaustive list of all MAS-regulated entities.

According to MAS, even if FTX had stored investors’ assets in Quoine Pte Ltd (Quoine), an FTX local subsidiary, it does not ensure it is protected. The regulator further mentioned that Binance is not “banned” in Singapore but prohibits soliciting Singapore users. “MAS does not “ban” entities from operating in Singapore,” said MAS in the Statement.

At the end of the note, MAS warned investors to be cautious about both crypto exchanges and cryptocurrencies, saying, “Even if a crypto exchange is licensed in Singapore, it would be currently only regulated to address money-laundering risks, not to protect investors.”

MAS Stance In The Industry 

Though with the latest statement the MAS published, it might appear the regulator is against the industry; however, according to the recent news, that is not the case. Earlier this month, MAS launched its first pilot of Digital Asset Industry and DeFi. As reported by Blockchain Reporter, this move was taken under MAS’ Project Guardian with the aim to evaluate possible uses of decentralized finance (DeFi) in wholesale funding markets.

Tags: AltcoinsBinanceBitcoinCryptoExchangeFTXSingapore
ShareTweet
Samuel Edyme

Samuel Edyme

Samuel Edyme is a freelance web3 content writer & journalist. He specializes in writing unbiased news and engaging, benefit-driven content that resonates with readers. He’s on a mission to explore every aspect of web3 and… you know what, chances of the image above being AI-generated is about high. In fact, there’s a probability the owner of this account has chosen to remain anonymous as if they are Satoshi… or are they? :/

Recommended For You

Justin Sun Says His KPI for Current Year Is to Make TRX Adopted by 5 Countries as Their Legal Tender

by Umair Younas
January 29, 2023 - 10:41 am
0
Tron TRX

Justin Sun labelled this objective as ambitious. Nonetheless, he noted that dedication and hard work can play a significant role in achieving his goal.

Read more

Top Crypto News This Week, Bitcoin and Ethereum in the Spotlight

by Umair Younas
January 29, 2023 - 5:10 am
0
Crypto Trading

This week, 23 Jan - 28 Jan, we saw hustle and bustle in the crypto market especially from Bitcoin, Ethereum and Celsius' narrative.

Read more

US White House Administration Issues a Roadmap to Minimize the Risks of Crypto Assets

by Umair Younas
January 28, 2023 - 7:42 am
0
White House

The US White House Administration has released a roadmap for the Administration to minimize the risks associated with crypto assets.

Read more

Prosecutors Request Judge to Strengthen Bail Conditions for Sam Bankman-Fried

by Umair Younas
January 28, 2023 - 5:55 am
0
SBF FTX

U.S. prosecutors petitioned a Manhattan magistrate for stricter bail restrictions for Sam Bankman-Fried citing that he influence witness testimony.

Read more

SoftConstruct-Incubated Fastex Achieves a Big Milestone of Raising $23.2M in Unprecedented Fasttoken Sale

by Mushu Butt
January 27, 2023 - 5:23 pm
0
fastex

SoftConstruct-Incubated Fastex achieves a big milestone by raising $23.2M in its Fasttoken sale, cementing its position as a leader in the industry.

Read more
Next Post
Orbofi

Orbofi Introduces the Official World Cup 2022 Metaverse to Gamify the Tournament into a Web3 Environment

PARTNERS LIST

PRESS RELEASE

China’s “Instagram” chooses Conflux Network for permissionless blockchain integration

by chainwire
January 25, 2023 - 8:42 am
0

Toronto, Canada, 24th January, 2023, ChainwireLittle Red Book, (XiaohongShu), the Chinese version of Instagram integrates Conflux Network as permissionless blockchain...

snowfall protocol

Snowfall Protocol (SNW) Takes the Spotlight as Waves (WAVES) Founder Unveils New ‘Undepeggable’ Stablecoin and Ripple’s (XRP) New Commercial Released

by Max Clark
January 25, 2023 - 7:02 am
0

The cryptocurrency market has seen its fair share of ups and downs, but one project that seems to be gaining...

Snowfall

Binance (BNB) Will Back Terra Classic’s Upgrade, Cardano (ADA) Introduces Custom-built Sidechains, Snowfall Protocol (SNW) to Have its Grand Launch Soon

by Wayne Jones
January 24, 2023 - 4:53 am
0

While the former two are in the headlines due to recent changes in their ecosystem, Snowfall Protocol (SNW) is all...

Snowfall Protocol

Terra Classic (LUNC) and Polygon (MATIC) Shows Instability Signs, While Snowfall Protocol (SNW) Presale Raises $4M

by Max Clark
January 23, 2023 - 12:00 pm
0

This article will critically examine why Snowfall Protocol (SNW) is gaining ground and why Polygon and Luna Classic's (LUNC) price...

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2023 - Blockchainreporter.net. All Right Reserved.