Monetary Authority of Singapore: Binance May Have Violated the Payment Services Act

MAS placed Binance on the IAL because it had solicited Singapore users without a licence. Further, on MAS’ referral, the Commercial Affairs Department commenced investigation into Binance for possible contravention of the Payment Services Act.

It is reported that MAS required Binance to stop soliciting Singapore users. To assure MAS that it was no longer doing so, Binance put in place various measures including geo-blocking of Singapore IP addresses and the removal of its mobile application from Singapore app stores. These measures were intended to demonstrate beyond doubt that Binance had ceased soliciting and providing services to Singapore users.

Previously, MAS received several complaints about Binance between January and August 2021. There were also announcements in multiple jurisdictions of unlicensed solicitation of customers by Binance during the same period.

The purpose of the IAL is to warn the public of entities that may be wrongly perceived as being MAS-regulated, especially those which solicit Singapore customers for financial business without the requisite MAS licence. It does not mean that the thousands of other entities operating offshore, which are not listed on the IAL, are safe to deal with.

Source

Binance

Policy and Regulation

Related News
Binance South Africa to require information on senders and recipients for local compliance Binance South Africa to require information on senders and recipients for local compliance
Binance tax evasion trial in Nigeria adjourned until April 30 on 'substituted service' argument Binance tax evasion trial in Nigeria adjourned until April 30 on 'substituted service' argument
Binance suspends employee for allegedly profiting off of insider information Binance suspends employee for allegedly profiting off of insider information
Binance Records $3.97B Weekly Inflows Binance Records $3.97B Weekly Inflows
'He signs whatever I say': LIBRA token 'facilitator' Hayden Davis claims he paid Argentine Pres. Milei's sister for influence: report 'He signs whatever I say': LIBRA token 'facilitator' Hayden Davis claims he paid Argentine Pres. Milei's sister for influence: report
Latest News More More
1 Day Ago Chinese creditors push back against FTX's motion to forfeit payouts in restricted jurisdictions
4 Days Ago TON Foundation offers path to 10-year UAE 'Golden Visa' for $100k in staked TON, $35k fee; UAE denies eligibility
July 4 Tether plans further Bitcoin mining expansion in South America with Adecoagro tie up
July 3 North Korean hackers use fake Zoom updates to deliver ‘NimDoor’ macOS malware targeting crypto firms
July 3 JPMorgan's blockchain unit tests new carbon credit tokenization application with S&P Global
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open