Singapore will probe Binance soon amid global regulatory scrutiny of cryptocurre...
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Singapore will probe Binance soon amid global regulatory scrutiny of cryptocurrency exchange
4 hours agoCrypto exchange Binance is facing increasing regulatory pressure from regulators worldwide as Singapore’s Monetary Authority Services (MAS) has decided to review Binance’s application for a license to provide digital payment token services.
Detail:
MAS said Binance can continue its operation in Singapore while it is reviewing its application. However, the regulator said it will review Binance’s application based on high standards.
Beside Binance, a number of other companies are also seeking a similar license to legitimize their operation in Singapore, including crypto firms New York-based Gemini Trust LLC and Hong Kong-based Crypto.com.
Binance Asia, which focus on growing the BSC ecosystem and users base in Singapore, is backed by Vertex Ventures Holdings.
Context:
Binance is being investigated by several agencies in countries including US, UK and Japan.
Earlier this week, the Financial Conduct Authority (FCA) announced to ban Binance from conducting any regulated activity in U.K, adding Binance was not authorized to operate as crypto business in UK.
Following the announcement, some Binance’s customers said they were unable to deposit or withdraw sterling from the platform, although sterling withdrawals has been quickly reactivated by Binance on Wednesday.
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