Singapore MAS Strengthens Crypto Crackdown With New Entries To Alert List
In a strategic move mirroring its 2021 action against major crypto exchange, Binance, the Monetary Authority of Singapore (MAS) recently added the non-custodial crypto wallet, imToken, to its Investor Alert List. This decision sent ripples through the crypto domain. Furthermore, it highlights growing regulatory concerns in Singapore’s crypto landscape.
Also Read: Upbit Singapore Expands Institutional Foothold With Major Payment License From MAS
Singapore MAS Added imToken & BKEX To Alert List
The inclusion of crypto-based organizations in the MAS Investor Alert List, suggests a consistent focus on monitoring and regulating various aspects of the cryptocurrency ecosystem. Non-custodial wallets are known for providing users greater control over private keys and digital assets. However, a major player in the domain, imToken, has faced heightened scrutiny.
In early December, Singapore MAS’ decided to include imToken in its alert list. The move reinforces the regulatory body’s aim to ensure investor protection and prevent illicit activities. Moreover, the implications extended beyond imToken. Days after the non-custodial crypto wallet’s addition, the BKEX crypto exchange, also made it to the alert list.
The recent development follows MAS’s 2021 warning against Binance, which forced the leading crypto exchange in Singapore to shift operations from Singapore to Dubai. Investors are now advised to exercise caution and conduct thorough due diligence when dealing with imToken or similar non-custodial wallets. Moreover, considering the strict Singapore crypto regulations, it’s most likely that the country would not limit its crackdown on crypto.
Binance Departed From Singapore In 2021
In late November 2021, Binance was added to Singapore MAS’ alert list. The action was taken due to multiple complaints received between January and August 2021. Moreover, an investigation was initiated through the Commercial Affairs Department.
In response to MAS’ directives, Binance was required to cease soliciting users in Singapore. As a result, the exchange implemented several complying measures. Binance considered geo-blocking its Singapore IP addresses and removed its mobile application from Singapore’s app stores.
Also Read: MAS Unveils New Initiatives Including Live Wholesale CBDC Trials In Singapore
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