

Cryptocurrency
MAS Explains Reasons for Not Alerting Local Users About FTX – Crypto News
The Monetary Authority of Singapore stated that there was no reason to caution investors against FTX crypto exchange as it did with Binance because the former did not actively solicit users in Singapore.
This comes amid earlier speculations stating that the regulator’s action against Binance caused Singaporean users to shift to FTX thereby causing them to be caught in the exchange’s collapse.
FTX Did Not Solicit Singapore Users
In a statements published on Monday (November 21, 2022), MAS responded to “questions and misconceptions” following FTX’s downfall. The Singaporean financial regulator said it was not possible to protect locals who used the Bahamas-based FTX as the crypto exchange was not licensed by the agency and operated offshore.
MAS also addressed concerns about its treatment of the world’s largest crypto exchange Binance, and FTX. The regulatory watchdog said that while both crypto exchanges were unregulated in Singapore, there was a difference between them.
The regulator received several complaints about Binance between January and August 2021, adding that the exchange giant was soliciting Singapore users without having a license. Consequently, MAS placed Binance on the Investor Alert List (IAL). Also, the Commercial Affairs Department (CAD) investigated Binance for possible violation of the Payment Services Act (PSA) on MAS’ referral.
Meanwhile, FTX did not go through the same treatment as its rival because, according to the regulator, it did not specifically solicit users in Singapore and did not conduct trades in the local currency, even though residents could access the Bahamas-based platform online. There was also no evidence that the firm violated the PS Act.
“While both Binance and FTX are not licensed here, there is a clear difference between the two: Binance was actively soliciting users in Singapore while FTX was not. Binance in fact went to the extent of offering listings in Singapore dollars and accepted Singapore-specific payment modes such as PayNow and PayLah.”
MAS Repeats Warning About Crypto Risks
MAS also reiterated its warning about the crypto industry, stating that the FTX crisis was an example that engaging in cryptocurrency was risky.
“The ongoing turmoil in the crypto industry serves as a reminder of the huge risks of dealing in cryptocurrencies. As MAS has repeatedly stated, there is no protection for customers who deal in cryptocurrencies. They can lose all their money.
The collapse of one of the largest crypto exchanges has affected all facets of the industry, both retail and institutional actors. As previously Reported by CryptoPotato, Court filings revealed that the bankrupt FTX owed over $3 billion to its top 50 creditors.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month ,terms,
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
-
Technology5 days ago
Visual effects veteran Ed Ulbrich joins AI company Moonvalley – Crypto News
-
Technology5 days ago
Visual effects veteran Ed Ulbrich joins AI company Moonvalley – Crypto News
-
Blockchain5 days ago
Why Sandeep Nailwal Is Betting on Himself as Polygon CEO – Crypto News
-
Cryptocurrency1 week ago
AI Deepfakes Drove 40% of High-Value Crypto Fraud Last Year: Report – Crypto News
-
De-fi5 days ago
Ethereum Staking Hits Record 35 Million ETH, Locking 28% of Supply – Crypto News
-
Cryptocurrency5 days ago
Hyperliquid price outlook amid Eyenovia’s $50M HYPE treasury strategy – Crypto News
-
Cryptocurrency5 days ago
Bitcoin Cash price forecast: BCH steady despite profit taking – Crypto News
-
Blockchain5 days ago
Can BNB Punch Through The Ceiling Or Will 640 Catch The Fall? – Crypto News
-
Blockchain5 days ago
Can BNB Punch Through The Ceiling Or Will 640 Catch The Fall? – Crypto News
-
Cryptocurrency5 days ago
Bitcoin Pepe presale nears major milestone ahead of Fed decision – Crypto News
-
Blockchain1 week ago
Shib Alpha Layer Marks End Of Meme Era – Crypto News
-
Cryptocurrency5 days ago
PEPE drops 20%, yet whales just bought 531B tokens – Here’s why – Crypto News
-
Cryptocurrency5 days ago
Binance, OKX Set Transparency Standard with PoR Reports as Coinbase Lags: CQ – Crypto News
-
Cryptocurrency1 week ago
8,000 BTC Just Moved. BlackRock or Saylor? – Crypto News
-
Metaverse1 week ago
Barbie maker Mattel partners with OpenAI to launch AI-powered toys in 2025 – Crypto News
-
Cryptocurrency1 week ago
DeFi’s top DAOs have huge treasuries – Yet they’re blind to THESE… – Crypto News
-
others7 days ago
GBP/USD rebounds above 1.36 as Israel-Iran conflict deepens – Crypto News
-
Blockchain6 days ago
JPMorgan Chase Says Deposit Token Is ‘Superior’ to Stablecoins – Crypto News
-
Technology5 days ago
5 star window ACs built for efficient cooling, quiet performance, and long-term power savings: Top 8 picks – Crypto News
-
Cryptocurrency5 days ago
Truth Social files for a Bitcoin and Ethereum ETF – Crypto News
-
others5 days ago
United States 4-Week Bill Auction fell from previous 4.08% to 4.06% – Crypto News
-
Cryptocurrency4 days ago
$100,000 Bitcoin on Thin Ice as Major Death Cross Nears – Crypto News
-
others1 week ago
This Dogecoin Rival Could Go Higher Amid Increased Whale Activity, Says Analytics Platform Santiment – Crypto News
-
others1 week ago
65-Year-Old Forced Out of Retirement After Losing ‘Everything’ in Elaborate Bank Fraud Scam – Crypto News
-
De-fi1 week ago
Uniswap Launches Smart Wallets with One-Click Swaps, Bundled Transactions Powered by Alchemy – Crypto News
-
Technology1 week ago
Infinix aims to be known as gaming-first brand, eyes tier 2, tier 3 cities: India CEO – Crypto News
-
others5 days ago
DIS Elliott Wave technical analysis [Video] – Crypto News
-
others5 days ago
TAC Raises $11.5M to Bring DeFi to Telegram’s Billion-User Ecosystem – Crypto News
-
Technology5 days ago
Google Pixel 10 series may feature dual speakers and SIM tray shift, leak hints – Crypto News
-
Technology5 days ago
Trump Adviser David Sacks Says China Adept at Evading Chip Curbs – Crypto News
-
Technology1 week ago
Google Search is fading. The whole internet could go with it. – Crypto News
-
De-fi1 week ago
Anthony Pompliano to Lead ProCapBTC $750 Million Bitcoin Vehicle: FT – Crypto News
-
others1 week ago
Former Crypto Executive Appointed To Serve As SEC’s Director of Trading and Markets – Crypto News
-
Technology1 week ago
Big tech on a quest for ideal AI device – Crypto News
-
others1 week ago
Analytics Platform Warns Bitcoin Is ‘Stalling’ Below Major Resistance Level, Says Breakout Won’t Happen Until This Happens – Crypto News
-
Cryptocurrency1 week ago
Klein Funding and Bybit Partner to Launch a New Era of Crypto Prop Trading – Crypto News
-
Technology7 days ago
Mark Zuckerberg teases Meta smart glasses with Oakley—What’s coming on June 20? – Crypto News
-
Blockchain5 days ago
How Low Can Cardano Go? Analyst Maps Final Crash Target – Crypto News
-
De-fi5 days ago
Iran’s Largest Crypto Exchange Nobitex Hacked for Over $80 Million Amid Israeli-Iran Conflict – Crypto News
-
others5 days ago
Alex Mashinsky Barred From Receiving Any Assets From Celsius Bankruptcy Claims – Crypto News
-
De-fi5 days ago
Tokenized Treasuries Surge to $5.6 Billion, Fueling Growth in RWAs: CoinGecko – Crypto News
-
Cryptocurrency4 days ago
AERO price jumps 20% as it defies crypto downturn – Crypto News
-
Metaverse1 week ago
Barbie maker Mattel partners with OpenAI to launch AI-powered toys in 2025 – Crypto News
-
Technology1 week ago
Google, Apple clash with Meta over age checks on App Stores: All you need to know – Crypto News
-
Cryptocurrency1 week ago
Bitcoin falls to $103K, options skew hits 3-month low as mideast tensions drive oil prices higher – Crypto News
-
Blockchain1 week ago
7 Solana ETF Issuers File S-1, Analyst Doubts Next Week Approval – Crypto News
-
Blockchain1 week ago
Billionaire Snaps Up $100M Of Trump Coin After Investigation Ends – Crypto News
-
others1 week ago
Posts weekly loss, despite Friday rebound to 0.8100 – Crypto News
-
Blockchain1 week ago
Amazon turns to nuclear energy to power AI facility – Crypto News
-
Technology1 week ago
97% of Foxconn’s iPhone exports from India now headed to the US amid soaring China tariffs – Crypto News