Monetary Authority of Singapore: Binance may face investigation for "actively" soliciting customers without a license and other reasons

2022-11-21 15:45:42

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ChainCatcher news, the Monetary Authority of Singapore (MAS) issued a statement today titled "Addressing Misconceptions Following the Collapse of FTX," which explains "why MAS treated Binance differently from FTX, particularly why it was placed on the Investor Alert List (IAL) while FTX was not."

MAS stated that there is no evidence that FTX explicitly solicited Singapore users, whereas Binance "actively" solicited customers without a license. MAS received multiple complaints about Binance from January 2021 to August 2021, during which time Binance solicited customers without a license. Furthermore, Binance has actually reached a level of offering listings in Singapore dollars and accepted Singapore-specific payment methods such as PayNow and PayLah. Binance is under investigation by the Ministry of Trade and Industry for potentially violating the Payment Services Act. (MAS)

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