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Kul Bhushan · · 1 min readCrypto exchange Binance added to Singapore central bank’s investor alert list
“In the wake of scrutiny from authorities around the world, crypto exchange Binance has on Thursday been placed on the Singapore central bank’s Investor Alert List,” Business Times reported.
Details:
- Binance is now part of a list of 699 companies that may have given investors the false impression that the firms are regulated or licensed by the Monetary Authority of Singapore (MAS).
- Binance operates in Singapore through its unit, Binance Asia Services (BAS), and does not offer services in the city-state through its main platform, Binance.com. In June, the MAS had said it was reviewing the local unit’s application for a payment services license.
Dive deeper:
- Binance, one of the world’s largest crypto exchanges, is facing regulatory scrutiny in several markets, including Japan, Thailand, and the UK. MAS said it’s aware of the actions taken against the company in other markets, and that it would “follow up as appropriate with [BAS].”
- In July, Binance CEO Changpeng Zhao said that the company was considering setting up physical headquarters in multiple markets in a bid to address regulatory challenges.
Editing by Miguel Cordon and Arpit Nayak
(And yes, we’re serious about ethics and transparency. More information here.)
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