Singapore’s MAS says FTX does not operate in the country

The Monetary Authority of Singapore (MAS) stated that the bankrupt crypto speech FTX does not run successful the country, Wu Blockchain reported connected Nov. 14.

The Monetary Authority of Singapore (MAS) effect to the FTX incident: https://t.co/VMoN0hPYvm pic.twitter.com/HizRtXXNvw

— Wu Blockchain (@WuBlockchain) November 14, 2022

The study noted that the embattled speech was “neither licensed nor exempted from licensing successful Singapore.”

It continued that the speech could onboard Singapore users due to the fact that authorities could not forestall its citizens from “directly accessing overseas work providers.”

Binance is not banned successful Singapore

MAS besides responded to speculations that it specifically targeted Binance with its regulatory effort, which allowed FTX to summation crushed successful the country.

According to the regulator, it lone lists entities that whitethorn beryllium “wrongly perceived” arsenic being regulated connected its Investor Alert List (IAL), adding that portion Binance was not banned successful Singapore, the speech does not “have the requisite licence to solicit customers from Singapore and had to cease doing so.”

“It would not beryllium meaningful for MAS to database each unlicensed entities connected the IAL. MAS did not person origin to database FTX connected the aforesaid ground arsenic Binance.”

Quinone and FTX are abstracted entities

The fiscal regulator further clarified that Quinone, an FTX subsidiary that operates a Singapore-based liquid exchange, is simply a abstracted ineligible entity successful the country.

According to the authorities, Quinone is presently exempted from licensing portion its licence exertion is nether review. The regulator said it is reviewing the exertion carefully, considering caller developments.

The watchdog further added that it had not required FTX to migrate its Singapore users to Quoine.

Quinone is 1 of the 134 companies affected by FTX’s bankruptcy filing connected Nov. 11.

FTX is presently nether strict regulatory scrutiny. Bahamas’ fiscal watchdog said it did not nonstop nor authorize FTX to prioritize section withdrawals. The speech is besides facing a U.S. Securities and Exchange Commission probe implicit its handling of clients’ funds.

The station Singapore’s MAS says FTX does not run successful the country appeared archetypal connected CryptoSlate.