Singapore regulator will be 'brutal' for bad behavior in crypto, reports FT

6/23/2022 11:58:00 AM

Singapore regulator will be 'brutal' for bad behavior in crypto, FT reports (via @Yogita_Khatri5)

Singapore regulator will be 'brutal' for bad behavior in crypto, FT reports (via Yogita_Khatri5)

The Monetary Authority of Singapore will not tolerate bad behavior in the crypto industry, says its chief fintech officer Sopnendu Mohanty.

Singapore regulator reportedly has no tolerance for bad behavior in crypto.“If somebody has done a bad thing, we are brutal and unrelentingly hard,” Sopnendu Mohanty told FT.The Monetary Authority of Singapore (MAS), the country's central bank and financial regulator, will not tolerate bad behavior in the crypto industry, according to its chief fintech officer, Sopnendu Mohanty.

"We have no tolerance for any market bad behaviour," MohantytoldThe Financial Times in an interview published on Thursday."If somebody has done a bad thing, we are brutal and unrelentingly hard."Mohanty's comments come amid crypto market turbulence caused by the collapse of Singapore-based Terraform Labs' two tokens — terraUSD (UST) and terra (luna) — which wiped out $40 billion of investor wealth.

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Former senior manager at Huobi accused of illicit trading: FTA former senior manager at Huobi reportedly faces accusations that he secretly made $5 million by trading against an account that he controlled.

Singapore Will Crack Down on Bad Crypto Behavior: ReportThe Monetary Authority of Singapore will be 'brutal and unrelentingly hard' on bad behavior in the crypto industry, said Sopnendu Mohanty, the central bank's chief fintech officer. MAS camomileshumba singapore3dreich.de MAS camomileshumba Most people in this market want to get rich quick, but those who have a lower time preferance tend to dramatically out perform the get-rich-quickers MagdaleneKatar0 educate you on the cons and pros. MAS camomileshumba the markets are harder

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Quick Take Singapore regulator reportedly has no tolerance for bad behavior in crypto.A former senior manager at Huobi, the crypto exchange, reportedly faces accusations that he secretly made $5 million by trading against an account that he controlled.its Singapore unit and dropped its application for a license after MAS told it to stop all crypto transfers.0:00 News Major Singapore-based cryptocurrency exchange Crypto.

“If somebody has done a bad thing, we are brutal and unrelentingly hard,” Sopnendu Mohanty told FT. The Monetary Authority of Singapore (MAS), the country's central bank and financial regulator, will not tolerate bad behavior in the crypto industry, according to its chief fintech officer, Sopnendu Mohanty. He is accused of setting up a retail trading account in his father’s name and extending it a $20 million credit line from the exchange, before trading against it with another corporate account that he controlled, netting some $5 million in profits denominated in USDC. "We have no tolerance for any market bad behaviour," Mohanty told The Financial Times in an interview published on Thursday. Still, while the process may be tortured, that hasn't prevented some crypto companies from staying the path."If somebody has done a bad thing, we are brutal and unrelentingly hard. Boliang was reportedly arrested in May 2020 and charged with “accessing Huobi’s computer systems with criminal or dishonest intent and dealing with the proceeds of a crime,” per the report." Mohanty's comments come amid crypto market turbulence caused by the collapse of Singapore-based Terraform Labs' two tokens — terraUSD (UST) and terra (luna) — which wiped out $40 billion of investor wealth. In the announcement, Kris Marszalek, co-founder and CEO of Crypto.

The implosion of Terra has led to crises for another Singapore-based crypto firm, hedge fund Three Arrows Capital. In a statement provided to the FT, a Huobi spokesperson said: “Mr Boliang Chen’s employment with Huobi Global was terminated in May 2020. The fund suffered significant losses on its luna investment and the subsequent market downturn led to forced liquidations. Three Arrows Capital is unable to pay its debt, and as a result, several lenders are facing financial problems, including BlockFi and Voyager.” An attorney for Boliang did not respond to the FT’s request for comment. Both recently received credit facilities from FTX's sister firm, Alameda Research. According to Mohanty, the current market turmoil is a result of the world at large being lost in"private currency. Before joining he worked at Financial News, and has also written for the likes of Wired, Sifted and AltFi. Related:.

" He went on to suggest that the MAS will not easily grant licenses to crypto firms. The regulator has enforced a “painfully slow” and “extremely draconian due diligence process” for licensing crypto firms, he said. To date, the MAS has approved only 14 companies to offer crypto services. Earlier this week, the regulator gave in-principle approval to Crypto.com, Genesis and crypto trading platform Sparrow.

Overall, there has been a stark change in how Singapore views the crypto industry. The country previously openly courted the sector, but in recent months amid its harsher approach, crypto firms have moved to other countries, including Dubai. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only.

It is not offered or intended to be used as legal, tax, investment, financial, or other advice. About Author Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at Follow her on Twitter @Yogita_Khatri5. More by Yogita Khatri .