After approximately $6.3 billion in assets was stolen from Binance, the Monetary Authority of Singapore reiterated that people should not transact with unregulated companies.
According to Singapore’s Lianhe Zaobao, the MAS said in response that cryptocurrency trading is generally unsuitable for the public and should be approached with caution. The MAS also noted that Binance is not authorised to provide regulated financial services in Singapore and was placed on the Investor Alert List in September 2021. Although the local platform Binance.sg ceased operations in 2022, this could not prevent Singaporean investors from using Binance.com. A spokesperson said that licensed digital payment token service providers must establish strict controls to manage technology and cybersecurity risks and safeguard customer assets. However, even with a licence, regulation cannot fully prevent consumers from losing money due to the high risks of cryptocurrency.
· These remarks concern the use of overseas platforms, not locally licensed channels
· The MAS distinguishes consumer risks associated with licensed and unlicensed companies
When assessing a platform’s risks, do you check its licence first or look at how it holds assets?
According to Singapore’s Lianhe Zaobao, the MAS said in response that cryptocurrency trading is generally unsuitable for the public and should be approached with caution. The MAS also noted that Binance is not authorised to provide regulated financial services in Singapore and was placed on the Investor Alert List in September 2021. Although the local platform Binance.sg ceased operations in 2022, this could not prevent Singaporean investors from using Binance.com. A spokesperson said that licensed digital payment token service providers must establish strict controls to manage technology and cybersecurity risks and safeguard customer assets. However, even with a licence, regulation cannot fully prevent consumers from losing money due to the high risks of cryptocurrency.
· These remarks concern the use of overseas platforms, not locally licensed channels
· The MAS distinguishes consumer risks associated with licensed and unlicensed companies
When assessing a platform’s risks, do you check its licence first or look at how it holds assets?
