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The Monetary Authority of Singapore has stated that Binance may have violated local regulations, making city-states the latest global regulator to crack down on international crypto exchange.
Singapore’s central bank and financial regulators posted their global website binance.com on the Investor Alert List on Thursday, saying, “Binance is not regulated and payment services are not allowed in Singapore. I warned Singaporean consumers that. ”
Free trade distribution centers are an important jurisdiction for Binance, one of the world’s largest crypto exchanges, and its warnings occur when the company faces it. Increasing pressure from regulatory agencies Compliance in Japan, Europe and the UK.
The exchange does not have a formal headquarters, but CEO Changpeng Zhao is based in Singapore.
MAS, along with other major financial regulators, faces the challenge of overseeing Binance, which operates both global online cryptocurrency exchanges and complex networks of business entities in several countries.
After considering the operation of binance.com, Mr. Mas said that providing payment services without a license and soliciting business from Singapore residents “may violate Singapore’s payment services law.” Said.
“We will work closely with MAS and other global regulators to comply with relevant regulatory standards and facilitate changes in required services,” Binance said.
The UK Financial Conduct Authority last week “Incapable” to properly monitor Binance Despite the “significant risks to consumers” posed by its “complex and risky financial products”. Regulators said it was impossible to oversee a vast group because Binance’s UK affiliate “could not answer” some of its basic questions.
The warning from MAS comes a week after Binance has moved to improve its position in Singapore. Richard Ten, Former MAS Executive, Former CEO of Financial Services Regulatory Authority in Abu Dhabi Global Markets, and Chief Executive Officer of Binance Singapore.
Zhao, who promised to make Binance compliant with regulations around the world, said the appointment was a “big step” towards becoming a “regulatory leader.”
Binance Asia Services, a local entity of Binance in Singapore, has been granted a provisional exemption to apply for a license under city-state regulations and to serve both local retail and foreign investors. I have.
A licensing framework that effectively covers all crypto businesses and exchanges means that they must follow strict rules, including transaction size limits, and are subject to anti-money laundering measures.
MAS is considering applying for Binance Singapore, but said the local unit needs to suspend the transfer of assets to and from Binance.com.
“The BAS license application is under review, but shows that it can meet the following requirements: [Payment Services Act]”MAS said.
Binance said the warning on binance.com “has no direct impact on the services provided by Binance Singapore,” and said the local unit is a separate legal entity.
Singapore places Binance on investor alert list Source link Singapore places Binance on investor alert list