Singapore Central Bank Puts Binance on Alert List
Key Takeaways
The Monetary Authority of Singapore has placed Binance.com on its Investor Alert List.
The Monetary Authority of Singapore says the global exchange has breached the country’s Payment Services Act.
Binance.com can no longer solicit business services in Singapore.
Share this article
Singapore’s central bank has sent a warning to Binance.com for offering financial services without registering in the country.
Binance.com Under Fire in Singapore
Singapore has alerted investors against using Binance.
Singapore’s central bank and top financial regulator, the Monetary Authority of Singapore (MAS), has listed Binance.com on its Investor Alert List, a record of unregistered financial firms in the country.
The Investor Alert List includes the names of companies that were incorrectly labeled as licensed or regulated by MAS. The document also serves as a cautionary warning for investors not to deal with unregulated entities.
The Monetary Authority of Singapore also clarified that the global exchange had breached the country’s Payment Services Act. Furthermore, it can no longer solicit business from Singaporeans as the entity has not sought legal permission to do so.
In the last year, Binance has come under intense scrutiny from financial authorities around the world.
Many regulators have warned that Binance has offered trading services without registering in their respective countries. Binance has received warnings from a host of countries including the U.K., Poland, Italy, Japan, Malaysia, and Thailand.
It is worth noting that Binance has a Singapore-registered division called Binance Asia Services PTE Ltd. Binance operates various subsidiaries in several countries, which may have a completely different legal status than Binance.com. Binance’s local division in Singapore is already registered with the MAS and operates the Binance.sg trading platform.
As per MAS records, Binance Asia has been given a temporary exemption to operate its exchange in Singapore without a license while the regulators review their application. However, the same exemption does not apply to the global exchange, Binance.com.
Some Singaporeans have reported that they have purchased crypto assets using the local currency (SGD) on binance.sg then send them to the global platform for trading. Such activities may be problematic as per the country’s laws.
Amid continuous tussle with regulators, Binance’s CEO Changpeng Zhao has expressed his intentions for the exchange to become a regulated financial entity. It recently made several changes including introducing mandatory KYC requirements for new users and hiring more compliance officers, possibly in an attempt to appease regulators. Despite such efforts, Binance’s regulatory woes have continued.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Binance Makes KYC Mandatory For New Users
Binance has stated that new users will have to complete KYC Verification to access its products. Mandatory KYC For New Binance Users Binance.com, the world’s largest crypto exchange, has announced…
BNB in Danger Amid Binance Regulatory Pressure
Binance has faced mounting regulatory pressure worldwide over the last few months. Although the exchange’s daily trading volume has remained stable at around $30 billion, Binance Smart Chain’s native token, BNB,…
How to Trade Using the Inverse Head and Shoulders Pattern
In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…
Binance Hires Ex-IRS Officer To Fight Money Laundering
Binance has hired a former criminal investigator at the IRS as its new global money laundering reporting officer (GMLRO). Binance Expands Compliance Team Binance has recruited a former investigator at…
