MAS Joins Regulators Worldwide to Pin Binance Onto Its Investor Alert List

MAS Joins Regulators Worldwide to Pin Binance Onto Its Investor Alert List

by September 2, 2021

The Monetary Authority of Singapore (MAS) has joined a number of regulators worldwide to add Singaporean crypto exchange platform Binance to its investor alert list.

The beleaguered crypto exchange had previously applied for a license to offer digital payment token services but has so far been unsuccessful.

Previously, Binance was temporarily exempted from needing a digital payment token (DPT) license under Singapore’s Payment Services Act which only went into effect this year.

An unnamed MAS spokesperson told Decrypt,

“We are aware of the actions taken by other regulatory authorities against Binance and will follow up as appropriate with the applicant,”

MAS had first granted an in-principle approval to the Australian cryptocurrency exchange Independent Reserve to operate as a regulated provider for digital payment token (DPT) services.

Other virtual asset service providers (VASPs) who managed to secure the approvals include DBS Vickers, the brokerage arm of DBS Bank, and QR code payment solution provider FOMO Pay.

VASPs were required to put controls in place to ensure proper due diligence, suitable solicitation, and adequate risk disclosure in order to obtain the license, which seems a dubious proposition for Binance at this point.

The crypto exchange has been toiling hard to right its ship with recent appointments that had reiterated the company’s intentions on working with regulators to turn things around.

In July this year, the Malaysian Securities Commission announced that it will be taking enforcement actions against Binance for illegal crypto activities in Malaysia despite being included in the SC’s investor alert list the year before.