Binance Faces Risk of Suspension of Operations in Singapore
[Asia Economy Reporter Yujin Cho] The Monetary Authority of Singapore (MAS) has notified Binance, the world's largest cryptocurrency exchange, to cease operations.
According to Bloomberg on the 2nd (local time), MAS stated that Binance was placed on the investor alert list because it had not obtained the necessary licenses under relevant regulations.
MAS explained that Binance is providing services to Singapore citizens without authorization, which constitutes a violation of the current Payment Services Act (PSA).
Binance submitted an application for digital payment token services in Singapore through 'Binance Asia Services' (BAS).
Founded in China in 2017 by Chinese-Canadian Zhao Changpeng, Binance is currently under investigation by regulatory authorities in the United States, the United Kingdom, Thailand, Malaysia, and Japan, and has already faced operational restrictions in Japan, the Cayman Islands, and the United Kingdom.
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BAS is majority-owned by Zhao Changpeng, and it is known that Vertex Venture Holdings, a subsidiary of Singapore's Temasek Holdings, has also invested in BAS.
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