Claim $500After 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
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: Grayscale Files S-1 For First Bittensor (TAO) ETF With U.S. SEC
- Zcash Treasury Firm Cypherpunk Increases Holdings as ZEC Tops BTC, Gold, and Silver in 2025 Gains
- Is Ethereum Price Set for Massive Rally in 2026 as Matrixport Eyes Multi-Year Triangle Breakout?
- Crypto Regulation in South Korea Stalls as US-Inspired Stablecoin Rules Hits Dead End
- Breaking: Metaplanet Buys $451M in Bitcoin, Stock Price Tanks
- Why Bitcoin, Ethereum, XRP, and ADA Prices Are Falling Today
- Is XRP Price Preparing for Trend Reversal as ETF Inflows Extend to a 7th Straight Week?
- Binance Coin Price Risks Crash to $700 as Key BSC Metric Plunges 80%
- SUI Price Forecast: What’s Next for SUI in 2026 After $78.9M Token Unlocks?
- Solana Price Prediction: How High Could SOL Go in January 2026?
- Top 3 Predictions for Bitcoin price, Ethereum price and XRP price for 2026 According to Analysts
