The Singapore police are investigating whether Binance.com has violated payment service regulations

ChainCatcher news, Singapore police are investigating whether Binance.com has violated local payment service regulations. The police told Bloomberg, "The investigation is ongoing, and we cannot comment further."

According to previous reports, the Monetary Authority of Singapore (MAS) stated on Monday that there is no evidence that FTX explicitly solicited Singapore users. The distinction between Binance and FTX is clear. Lessons learned from FTX show that crypto trading is risky. There is no protection for customers trading cryptocurrencies. Binance solicits users in Singapore, while FTX does not. The Ministry of Trade and Industry has begun an investigation into Binance. Binance is being investigated for potentially violating the Payment Services Act. In response, a Binance spokesperson stated, "Binance takes compliance with Singapore laws very seriously, and we do not actively solicit Singapore users." (Bloomberg)