MEXCSingapore 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
- Solana Foundation Manager Vibhu Challenges Ripple Execs To Public “Facts-Only” XRP Debate
- Teucrium Files for Flare Network ETF as XRP Minting For FXRP Tops $120M
- Waller Signals December Fed Rate Cut Despite Powell’s “No More Cuts” Stance
- BitMine Buys $29 Million in Ethereum as Kalshi Traders Cut $5,000 Price Odds to 34%
- Bitwise XRP ETF Moves Closer to Launch as Firm Submits Final S-1 Filing
- Pi Coin Price Prediction After AI Investment Announcement – Is a Bull Run Ahead?
- How High Can Zcash Price Go In November?
- SOL ETFs Records $44.4M in 4 Days: What’s Next For Solana Price?
- Why Is TAO Price Skyrocketing Today?
- After 1,993% Burn Spike, Is Shiba Inu Price Set for a Major Trend Reversal?
- Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
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.
