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The Monetary Authority of Singapore (MAS), the Central Bank and Financial Regulator, places Binance.com on the Investor Alert List. As revealed, the placement took place on Thursday and mentions only www.binance.com on the list which provides a list of unregulated bodies, which have been wrongly perceived as being regulated or licensed by the regulators.
MAS Singapore Puts Binance.com on the Investor Alert List
A week ago, Binance exchange hired the former Chief Regulatory Officer of the Singapore Stock Exchange, as the CEO of Binance Singapore. Richard Teng has also operated at the MAS for 13 years as Director of Corporate Finance from the years 1994 to 2007.
In addition to this, it should be noted, that the Singapore website of Binance, Binance.sg, has not been added to this list yet as a spokesperson for Binance Singapore revealed that Binance.com and Binance.sg are two separate exchanges.
The spokesperson added:
"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."
Additionally, he said that Binance Singapore does not offer any products or services via the Binance.com website.
Operations of Binance.sg in Singapore
Binance Singapore operates in Singapore through Binance Asia Services Pte. Ltd. and this body is currently on the list of bodies that have been granted an exemption from holding a license under the Payment Services Act for a particular period.
The spokesperson revealed that the MAS is currently reviewing the licensing application of the entity, and said:
"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.”