Singapore regulator places Binance.com on investor alert list

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Tl;DR Breakdown

  • Singapore regulator places Binance.com in investor alert list.
  • Singapore’s Investor alert list is compiled to show entities that are not licensed.
  • Binance.com listing leads to confusion as Binane.sg is exchange entity that operates in Singapore.

Singapore regulator, Monetary Authority of Singapore (MAS), has placed embattled crypto exchange Binance.com on the country’s investor alert list.

This comes as another blow to the number one crypto exchange firm that has suffered series of clampdowns from regulators across countries.

The regulator put the exchange firm on the alert list on Thursday, specifically mentioning “Binance.com.” The Singapore investor alert list is compiled to show unregulated entities that are easily perceived as being regulated or licensed by the authority.

MAS official website didn’t offer any further detail on the reason behind Binance’s inclusion on the list, and just the website’s link was posted. Binance listing in the investor alert list comes just one week after Binance Singapore appointed Richard Teng as CEO.

Confusion trails Singapore regulator investor alert list

After the MAS listed Binance.com in its investor alert list, it has led to confusion as Binance.com and Binance.sg are different entities, according to the exchange spokesperson.

The spokesperson said Binance.sg operates in Singapore with its own local executive and management team independent of Bnance.com. “Binance Singapore is backed by Vertex Ventures Holdings and is solely focused on growing the Singapore cryptocurrency ecosystem and servicing users in Singapore.”

Binance spokesperson who offered clarity on the listing said Binance Singapore does not offer any products or services via the Binance.com website.

“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 requisite standards for license approval,” said the spokesperson.

It remains unclear what the Singapore regulator means listing Binance.com, whereas Binance Singapore is the arm of the exchange that ‘operates’ in the Asian country.

However, despite the controversy around the listing, the development is another red flag for the number one crypto exchange.

Binance has been in the bad books of regulators since June when UK watchdog Financial Conduct Authority (FCA) warned the exchange from operating without a license. Since then, Binance have faced multiple clampdowns in different countries.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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