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.
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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.
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