Singapore’s Financial Watchdog to ‘Follow Up’ on Global Binance Concerns

Singapore’s Financial Watchdog to ‘Follow Up’ on Global Binance Concerns

The Monetary Authority of Singapore (MAS), the country’s financial regulator and central bank, said it is closely watching the regulatory developments surrounding Binance Holdings Ltd.

The country’s financial watchdog is expected to “follow up” with the company’s local subsidiary Binance Asia Services Pte., Bloomberg reported Wednesday. The subsidiary has a grace period while it awaits a review of its license application.

Binance, in an emailed response to a Coindesk query, said it doesn’t comment on its communications and engagement with regulators.

The move comes hot on the heels of Binance’s showdown last week with U.K. regulators over whether the exchange business had regulatory blessings to operate in the country. Japan had issued a similar notice the day before warning Binance was not registered to do business within the country.

Sterling withdrawals from the crypto business’ platform have been reactivated and users are once again able to buy digital coins with debit and credit cards.

Singapore, meanwhile, has some of the toughest cryptocurrency regulations in the world. In 2019 the city state passed its Payment Services Act which mandated digital asset service providers must receive licensure from the state.

MAS said it was applying “robust standards” in its application review process while it mulls over various factors including the applicants’ ability to implement anti-money laundering measures, Bloomberg reported. The regulator is also assessing applicants on the measure of fitness and propriety of shareholders and key appointment holders.

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