In the midst of a general crack-down on cryptocurrency, Singapore is the latest to scrutinise Binance. Following Binance’s application for a licence to operate in the city state, regulatory authorities have signified that they will “follow up as required”.
Following on from the UK’s FCA announcement that Binance is banned from doing any regulated business in the United Kingdom, and an ongoing probe in the US, Singapore is the latest country to put the world’s biggest cryptocurrency exchange under scrutiny.
According to an article published today by the South China Morning Post, The Monetary Authority of Singapore (MAS), is reviewing the application by Binance Asia Services Pte, and until a decision is reached, the exchange is allowed to operate, just as is the case with a number of other exchanges that are going through this process. The Monetary Authority stated:
“We are aware of the actions taken by other regulatory authorities against Binance and will follow up as appropriate,”
Binance is seeking to have full compliance and the legitimacy to operate in Singapore. It is in good company, with the likes of Gemini Trust Co LLC, and Crypto.com following the same path.
Binance reiterated its desire to work fully under the auspices of the law in an email:
“It is important to note that we take a collaborative approach in working with regulators and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space.”
The MAS has said that it is applying “robust standards” when assessing applications. These include measures such as “applicant’s ability to implement strong measures against illicit flows”, and background checks for the “fitness and propriety” of shareholders and key personnel.
According to the MAS, many applicants have withdrawn from the process, unable to comply with the tight standards required.
Disclaimer: 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.