According to ChainCatcher, the Singapore police are investigating whether Binance.com violated local payment service rules. "The investigation is ongoing and we cannot comment further," police told Bloomberg.

As previously reported, the Monetary Authority of Singapore (MAS) said on Monday that there was no evidence that FTX was outright soliciting Singaporean users. The difference between Binance and FTX is clear. Lessons learned from FTX show that crypto trading is dangerous. There is no protection for customers trading cryptocurrencies. Binance is recruiting users in Singapore, while FTX is not. The Commerce Department opens an investigation into Binance. Binance is under investigation for possible violations of the Payment Services Act. In response, a Binance spokesperson said, "Binance attaches great importance to complying with Singapore laws and we will not actively solicit Singaporean users." (Bloomberg)