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

By Bhushan Akolkar
Published July 2, 2021 Updated July 2, 2021
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Amid Global Crackdown on Binance, Singapore Regulator MAS to Follow Up Soon

By Bhushan Akolkar
Published July 2, 2021 Updated July 2, 2021

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.

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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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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
725 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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