Binance’s legal issues took a new turn Thursday, just as the world’s largest cryptocurrency exchange appeared to be on the mend.
Binance.com was included to the Investor Alert List by the Monetary Authority of Singapore (MAS), Singapore’s Central Bank, and the country’s leading financial regulator. This list contains the names of unregulated businesses and organizations that may appear to be licensed by MAS.
The official website provided no other information about the basis for Binance’s presence on the list, other than the website’s URL. Additionally, the announcement comes less than a week after Richard Teng, the former chief regulatory officer of the Singapore Stock Exchange, was appointed CEO of Binance Singapore. There were speculations of a beneficial relationship between the cryptocurrency exchange and government bodies.
Notably, the local website of the cryptocurrency exchange Binance.sg is not included on the investor alert list. According to a Binance representative, the two websites are distinct, with Binance.sg focusing exclusively on Singapore operations with an autonomous crew. Additionally, the representative stressed that Binance Singapore does not offer any services through Binance.com and stated,
“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 required standards for license approval,”
Binance Singapore has been granted an operating exemption by the MAS while its license is being processed. Except for a few exceptions, all cryptocurrency exchanges are obliged to get a license prior to delivering their services under the Payment Services Act.
Binance’s Regulatory Troubles Continue Into September
Binance’s legal troubles began in June when the UK’s financial authority FCA issued a warning against the cryptocurrency exchange for operating without a license; almost a dozen nations have since issued similar non-compliance warnings. Several countries, including Thailand, have also initiated criminal actions.
The crypto exchange’s CEO has stated that the company is entirely dedicated to cooperating with regulators and adhering to local legislation in each nation in which it operates. Additionally, the exchange ceased offering crypto derivatives in Europe, South Korea, and Hong Kong due to regulatory concerns.
Also Read: Initiating A CBDC Trial In Australia, Singapore, Malaysia, And SA
Wallets