After FTX Collapse, Binance Faces Fresh Probe In Singapore
 
 Binance Singapore Probe News: In the wake of the FTX meltdown and global regulatory scrutiny, top crypto exchange Binance is under investigation by the Singapore authorities. According to reports, a financial crime investigation unit of the Singapore Police Force took up the investigation. In recent times, doubts were raised around Singapore’s preferential treatment to Binance in comparison with FTX.
Also Read: Binance Refuses Any Investment to Save Crypto Lender Genesis, Bankruptcy Ahead?
Binance Singapore Rule Breach
Earlier, the Monetary Authority of Singapore clarified about why Binance was placed on its Investor Alert List. The authorities said FTX was not licensed in Singapore and that it operates offshore. Meanwhile, latest reports suggest that Binance is being investigated by the Singapore police in connection with rule breach. As per a Bloomberg report, the Singapore Police Force is looking into Binance’s potential breach of local payment services rules.
Earlier, the Singapore authorities said Binance was included in the Investor Alert List as the crypto exchange tried to attract users with listings in Singapore dollars. Binance had even accepted Singapore-specific payment modes such as PayNow and PayLah, the Monetary Authority of Singapore said. Reacting to the news of investigations, Binance said it takes compliance with the local laws.
Also Read: FTX Drainer Swapping Ethereum To Bitcoin; Will It Impact ETH Price?
Singapore’s Crypto Ecosystem
On the other side, the Singapore authorities gave a nod for digital payments based services to crypto companies. In October 2022, top cryptocurrency exchange Coinbase secured the digital payment token services license from Singapore central bank. In a latest, Circle, the issuer of USDC stablecoin, received in-principle approval as a major payments institution license holder from the Monetary Authority of Singapore (MAS). With this, Circle will be able to provide digital payment token products, cross-border and domestic transfer services to Singapore users.
Also Read: Ethereum Whales Buys The Dip, Adds ETH Worth Over $1 Billion
- Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch
- CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement
- Senate Committee Finalizes Updated Crypto Market Structure Bill Draft, Release Expected In Days
- €648 Billion Nordea To Allow Customers to Trade Bitcoin-Linked ETFs
- Uphold Joins Gemini, Relaunches XRP Debit Card Following SEC Lawsuit Resolution
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
 
 MEXC
MEXC 
					
					
					  
                                                                                                                                                                     
                                                                                                                                                                     
                                                                                                                                                                     
                   
                   
                   
                   
                   
  
                                
  
                         
                     
                   
                   