Singapore’s Regulatory Authority Puts Binance.com on Investor Alert List
A totally strange news coming for the Binance exchange. MAS included Binance exchange in the investor alert list.
In the last week, Binance exchange hired Richard Teng, the former chief regulatory officer of the Singapore Stock, for their Singapore operations. Binance aimed to establish a better relationship with Binance Singapore and Singapore’s regulatory body. But this shocking news is totally beyond understanding.
Related: Binance Hires Richard Teng as CEO of Singapore’s Operations
The Monetary Authority of Singapore (MAS), which is also the Central Bank of Singapore as well as regulatory body and issues licenses for the financial companies including crypto companies.
MAS added Binance exchange in the investor alert list. But there are no details provided by the exchange about their the issues against Binance Exchange.
A Spokesperson of Binance exchange claimed that Binance exchange and Binance Singapore both are different exchanges and both have independent team & operations. And also they claimed that Binance Singapore doesn’t take any service from the Binance exchange to offer in Singapore.
“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,”
So clearly, Binace responded against this news and claimed that all their operations in Singapore from independent exchange are fully legal and also applied for the crypto license.
Here it should be noticed that, almost the same kind of issue was raised by the UK’s Regulators FCA but later they found that Binance had no control on the Binance limited market in the US, so they left their raised issues against Binance.
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