According to Lianhe Zaobao, a spokesperson for the Monetary Authority of Singapore (MAS) said on November 5, in response to the recent Binance hack, that cryptocurrency trading is unsuitable for the general public. Consumers should exercise caution and avoid dealing with unregulated firms. MAS reiterated that Binance is not authorized to provide regulated financial services in Singapore and that, even when trading through licensed firms, regulatory safeguards cannot fully prevent losses arising from the inherent risks of cryptocurrencies.