A first misconception is that it was possible to protect local users who dealt with FTX, such as by ringfencing their assets or ensuring that FTX backed its assets with reserves. MAS cannot do this as FTX is not licensed by MAS and operates offshore.”
However, as for FTX, “there was no evidence that it was soliciting Singapore users specifically. Trades on FTX also could not be transacted in Singapore dollars,” MAS said. An investigation into Binance was started by the Commercial Affairs Department for possible contravention of the Payment Services Act .
“The purpose of the IAL is to warn the public of entities that may be wrongly perceived as being MAS-regulated, especially those which solicit Singapore customers for financial business without the requisite MAS licence. It does not mean that the thousands of other entities operating offshore, which are not listed on the IAL, are safe to deal with,” MAS added.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Explainer: What is the MAS’ Investor Alert List and are crypto sites not on it considered safe?SINGAPORE — The Investor Alert List published by the Monetary Authority of Singapore (MAS) should not be seen as the “go-to” reference for users here, cryptocurrency experts cautioned, agreeing with the regulator’s view that it would not be feasible to expand the list exhaustively or meaningfully.
Source: TODAYonline - 🏆 1. / 99 Read more »
'Cute guy alert': Timothee Chalamet lookalike spotted selling hotdogs at Woodlands pasar malamA pasar malam — a night market for the less acquainted — is where one can go to satisfy hunger pangs. In one recently opened pasar malam located by Woodlands MRT station, a sweet treat of a different kind has caught the attention of many. TikTok user Jopingtan headed to the Kream food stall for a hotdog and ended up...
Source: asiaonecom - 🏆 10. / 59 Read more »
Moscow says on alert after Crimea hit by 'drone attack'KYIV: Ukraine's Russian-annexed Crimean peninsula was targeted by a drone attack on Tuesday (Nov 22), Kremlin-installed authorities said, adding that Moscow's forces there were 'on alert'. The strike came as Ukraine claimed another territorial victory and just days after Moscow said it was strengtheni
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Moscow on alert after Crimea hit by 'drone attack'KYIV: Ukraine's Russian-annexed Crimean peninsula was targeted by a drone attack on Tuesday (Nov 22), Kremlin-installed authorities said, adding that Moscow's forces there were 'on alert'. The strike came as Ukraine claimed another territorial victory and just days after Moscow said it was strengtheni We love to see it tbh Russia annexed land belonging to others and they expect peace? 😂
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Moscow says on alert after Crimea hit by 'drone attack'The strike came just days after Moscow said it was strengthening its position on the Crimean peninsula. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »