Binance.com placed on investor alert list by Singapore regulator

Sep 2, 2021 | The Block News | 0 comments

binance.com-placed-on-investor-alert-list-by-singapore-regulator

The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, has placed crypto exchange Binance.com on the investor alert list. 

The placement took place Thursday and only mentions “www.binance.com” on the list. The investor alert list mentions unregulated entities which may have been wrongly perceived as being regulated or licensed by the authority.

The news comes one week after Binance hired Richard Teng, the former chief regulatory officer of the Singapore Stock Exchange, as CEO of Binance Singapore. Teng also worked at the MAS for 13 years as director of corporate finance from 1994 to 2007.

Notably, Binance’s Singapore website — Binance.sg — is currently not on the investor alert list. 

A Binance spokesperson told The Block that Binance.com and Binance.sg are separate exchanges. “Binance.sg operates in Singapore with its own local executive and management team. Binance Singapore is backed by Vertex Venture Holdings and is solely focused on growing the Singapore cryptocurrency ecosystem and servicing users in Singapore,” said the spokesperson.

The spokesperson went on to say that Binance Singapore does not offer any products or services via the Binance.com website.

Binance operates through Binance Asia Services Pte. Ltd in Singapore, and this entity is currently on the list of those entities which have been granted an exemption from holding a license under the Payment Services Act for a specified period. In other words, the MAS is currently reviewing the entity’s licensing application.

“Binance Singapore has applied for a license with the Monetary Authority of Singapore. We currently operate under the relevant exemption granted by the MAS and are fully committed to working closely with the MAS to comply with all requisite standards for license approval,” said the spokesperson.


Update: This story has been updated to include comments from a Binance spokesperson.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

The Three Kingdoms: The New Era of Play-to-Earn Games

The Three Kingdoms: The New Era of Play-to-Earn Games

CryptoKitties was the first to bring blockchain gaming to life, and games such as Axie Infinity defined how a good blockchain game should be. The Three Kingdoms aims to build on this with their next-generation play-to-earn game. The Three Kingdoms is a highly...

Top 5 cryptocurrencies to watch this week: BTC, AVAX, ALGO, XTZ, EGLD

Top 5 cryptocurrencies to watch this week: BTC, AVAX, ALGO, XTZ, EGLD

Bears continue to pressure BTC price but any signs of consolidation could lead to a breakout in AVAX. ALGO, XTZ, and EGLD. China has attempted to stifle the crypto sector’s growth on several occasions in the past 12 years but barring a minor blip, the blanket bans on...

Pin It on Pinterest

Share This