• Fri. Sep 29th, 2023



The Central Bank of Singapore explained the bias to Binance against the background of FTX crisis


Jan 9, 2023

The Central Bank of Singapore explained the bias to Binance against the background of FTX crisis

Singapore monetary control (MAS) explained the differences in relation to Bitcoin-Birges Binance and FTX amid the crisis of the last.

“Although Binance and FTX are not licensed [in Singapore], there is a clear difference between them. Binance actively attracted users in Singapore, and FTX was not, ”the report said.

The regulator noted that Binance offered listing in Singapore https://gagarin.news/news/ten-lucky-gagarin-news-community-members-will-get-a-chance-to-win-500-each/ dollars and introduced local payment methods such as Paynow and Paylah. Mas also talked about receiving “several complaints” to the platform from January to August 2021.

In September of the same year, the regulator included Binance in the “List of Warning for Investors” (Investor Alert List, Ial) and noted that he does not control the company’s activities.

After that, Bitcoin-Targe promised to forbid customers to use the Singapore dollar in platform operations and delete applications from the regional App Store and Google Play.

MAS did not see the reasons for the inclusion of FTX in IAL, since there was no evidence of violation of the law on payment services ”. A corresponding investigation was carried out against Binance.

“There are hundreds of such exchanges [like FTX] and thousands of other offshore organizations that take investments not in cryptoactics. It is impossible to put them all on the list, and not a single regulator in the world did this, ”Mas explained.

The department added that “the ongoing turmoil in the industry serves as a reminder of the huge risks associated with the trade in cryptocurrencies”.

Recall that in December 2021, Binance withdrew an application for MAS for a license for a local branch.

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