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Singapore Financial Regulator Adds Binance To The Investor Alert List

Anna Martynova

The Monetary Authority of Singapore (MAS) believes that Binance may be in violation of the Payment Services Act in connection with the conduct of a business providing services to Singapore residents without a license. As a result, MAS has added Binance.com to the investor alert list, which states that Binance is not regulated and is not licensed to provide any payment services locally.

Binance has previously attracted the attention of regulators in the US, Thailand, Malaysia and Japan. The representative of the crypto exchange noted that Binance operates in the country not through the main platform, but through Binance Asia Services Pte. Ltd, which owns the domain binance.sg. This company has applied for a related license in Singapore and is currently operating under an exemption.

In late August, Binance appointed former Singapore Stock Exchange Regulatory Director Richard TENG as head of Binance's Singapore division. The specialist has worked for over 13 years at the Monetary Authority of Singapore.

Image: Coin News

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