Monetary Authority of Singapore: Reminds the public not to engage in transactions with unregulated companies

According to Singapore's Lianhe Zaobao, in response to the recent incident where approximately $6.3 billion in assets were stolen from Binance, the Monetary Authority of Singapore reiterated that the general public is not suitable for engaging in cryptocurrency trading. Consumers must exercise caution when trading and should not transact with unregulated companies.

The Monetary Authority pointed out that Binance is not authorized to provide regulated financial services in Singapore and was placed on the investor alert list as early as September 2021. Although its local platform Binance.sg ceased operations in 2022, it could not prevent Singapore investors from using Binance.com. A spokesperson for the Monetary Authority stated that licensed digital payment token service providers must establish strict control mechanisms to effectively manage technological and network risks and protect customer assets. However, even with a license, regulatory measures cannot completely prevent consumers from incurring losses due to the inherently high risks associated with cryptocurrencies.