Amid Global Crackdown on Binance, Singapore Regulator MAS to Follow Up Soon

Bhushan Akolkar
July 2, 2021
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Binance

Crypto exchange Binance is facing increasing pressure from regulators worldwide. After U.K’s FCA curtailed all Binance operations last week, Singapore’s topmost regulator – Monetary Authority Services (MAS) – has decided to follow up soon amid the rising global crackdown.

On Thursday, July 1, the regulator noted that MAS is currently reviewing Binance’s application to provide crypto token services in the country. Currently, Binance Asia Services Pte. has a grace period through which it can operate in Singapore.

However, in a word with Bloomberg, MAS noted that a number of other firms are undergoing similar assessments along with Binance. The regulator noted:

“We are aware of the actions taken by other regulatory authorities against Binance and will follow up as appropriate”.

MAS has said that as it continues its review process, the companies can continue with their operations. The MAS, however, has said that it will be applying “robust standards” in assessing the applications. It will look at the company’s ability to implement strong measures against any kind of illicit fund flows. MAS said that many applications have dropped out as they could establish the requirements of the regulators set through last year’s Payment Services Act.

Binance Seeking Singapore License

Crypto exchange Binance is now seeking a license to legitimize its operations in Singapore. along with Binance, there are other peer players like New York-based Gemini and Hong Kong-based Crypto.com seeking a license from the MAS.

Clarifying its position, Binance sent an email to Bloomberg noting that Binance Asia Service is a separate legal entity and doesn’t offer any of its services and products via Binance Markets Ltd or Binance.com. Binance’s Singapore entity has been backed by Vertex Ventures holdings and focuses on expanding its footprint in the Asian country. In the email, Binance added:

“It is important to note that we take a collaborative approach in working with regulators and we take our compliance obligations very seriously. “We are actively keeping abreast of changing policies, rules and laws in this new space.”

Speaking of this development, noted Chinese journalist Colin Wu stated: “Singapore’s attitude is obviously to protect Binance. Binance rejected Sequoia Capital’s investment and accepted Singapore’s state-owned capital investment before. In fact, many founders of China’s cryptocurrency industry are based in Singapore”.

Apart from Singapore and the U.K, Binance has also been under the regulatory watch of Germany and Japan.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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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.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.