The Monetary Authority of Singapore (MAS) announced on Monday that cryptocurrency exchange FTX was not included to its investor alert list because it was not aggressively seeking users in Singapore (Nov 21).
MAS claimed there was a “clear distinction” between FTX and another cryptocurrency exchange Binance, which was ordered to halt offering payment services to Singapore citizens in September, in a statement addressing concerns and inquiries raised in the wake of FTX’s demise.
The investor alert list, which alerts customers that Binance is not governed or authorized to offer any payment services in Singapore, lists Binance. The list also contains organizations that can be mistakenly thought of as being under MAS regulation.
The regulator declared earlier this month that it had no reason to list FTX on the same terms as Binance.
On Monday, it was noted that Binance was given different treatment than FTX since it aggressively sought out users in Singapore.
“Binance in fact went to the extent of offering listings in Singapore dollars and accepted Singapore-specific payment modes such as PayNow and PayLah,” it said.
MAS stated that between January and August of last year, it received a number of complaints concerning Binance. During the same time period, Binance’s unauthorised consumer solicitation was also reported in a number of jurisdictions, including Malaysia, Japan, and the UK.
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