Time Binance has continued to accelerate its compliance efforts, its regulatory troubles continue to mount. The Monetary Authority of Singapore (MAS) is in the news today after it put cryptocurrency exchange on its regulatory radar.
The exchange was placed on the central bank’s Investor Alert List on September 2. The list contains companies or entities that have not been authorized by the regulatory body, but that investors may have mistakenly perceived that they are regulated.
Now, although no further details on the marking have been provided, it comes as no surprise amid Binance’s ongoing fight with global watchdogs. Countries such as Malaysia, Great Britain, the United States, Italy, India, and Thailand have previously banned or warned the exchange for providing unlicensed financial services.
In an attempt to improve its regulatory relationships, Binance has been on a hiring spree, appointing former global regulators to key positions. Last week, Binance Singapore put Richard Teng at the helm of the organization. The new CEO was previously the Director of Regulation for the Singapore Exchange and once served as the Director of Corporate Finance at MAS.
In a statement, Binance’s Singapore unit, Binance Asia Services, clarified that this has nothing to do with the services it offers. It is a separate entity from Binance.com and runs its platform through Binance.sg. The statement read,
“Binance Singapore (Binance.sg) is a separate legal entity from Binance.com with its own local executive and administrative team and does not offer any products or services through the Binance.com website or other related entities, and vice versa.”
Singapore’s central bank had previously told the Strait Times that it was aware of actions taken by other regulatory authorities against Binance. Furthermore, MAS also told the media that Binance’s Singapore division is exempt from being licensed under the Payment Services Act (PAS) as its application is under review.
According to a statement issued by Binance.com, it is “actively working with the MAS to address concerns they may have through constructive dialogue.”
This is a machine translation of our English version.
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