Binance.com placed on investor alert list by Singapore regulator

Binance.com placed on investor alert list by Singapore regulator

The Monetary Authority of Singapore (MAS), the country's central bank and financial regulator, has placed crypto exchange Binance.com on the investor alert list.

The placement took place Thursday and only mentions "www.binance.com" on the list. The investor alert list of the MAS is the list of unregulated entities which may have been wrongly perceived as being regulated or licensed by the authority.

The news comes one week after Binance hired Richard Teng, the former chief regulatory officer of the Singapore Stock Exchange, as CEO of Binance Singapore. Teng also worked at the MAS for 13 years as director of corporate finance from 1994 to 2007.

Notably, Binance has a separate website for Singapore operations, Binance.sg, which is currently not on the investor alert list. It is not clear whether that means Binance will have to carry out its operations only through Binance.sg in the country. The Block has reached out to Binance and will update this story should we hear back.

Binance operates through Binance Asia Services Pte. Ltd in Singapore, and this entity is currently on the list of those entities which have been granted an exemption from holding a license under the Payment Services Act for a specified period. In other words, the MAS is currently reviewing the entity's licensing application.

In July, the MAS told Bloomberg: “We are aware of the actions taken by other regulatory authorities against Binance and will follow up as appropriate." At the time, Binance told the news outlet that Binance Asia Services Pte. Ltd is a separate legal entity and does not offer any products or services via Binance.com.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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