{"id":514380,"date":"2022-11-23T00:40:56","date_gmt":"2022-11-22T21:40:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/singapore-central-bank-explains-why-binance-was-on-its-alert-list-but-ftx-wasnt\/"},"modified":"2022-11-23T00:40:56","modified_gmt":"2022-11-22T21:40:56","slug":"singapore-central-bank-explains-why-binance-was-on-its-alert-list-but-ftx-wasnt","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/singapore-central-bank-explains-why-binance-was-on-its-alert-list-but-ftx-wasnt\/","title":{"rendered":"# Singapore central bank explains why Binance was on its alert list, but FTX wasn\u2019t"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4e090d1c5bb\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4e090d1c5bb\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/singapore-central-bank-explains-why-binance-was-on-its-alert-list-but-ftx-wasnt\/#%E2%80%9D_Singapore_central_bank_explains_why_Binance_was_on_its_alert_list_but_FTX_wasnt_%E2%80%9C\" >&#8221; Singapore central bank explains why Binance was on its alert list, but FTX wasn\u2019t &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Singapore_central_bank_explains_why_Binance_was_on_its_alert_list_but_FTX_wasnt_%E2%80%9C\"><\/span>&#8221; Singapore central bank explains why Binance was on its alert list, but FTX wasn\u2019t &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNGM2Y2FhZTctNWEzMS00NDQ3LWFlMjgtOTM2M2YxMWNkNDI5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5129e2ea>The Monetary Authority of Singapore (MAS), the country\u2019s central bank, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.mas.gov.sg\/news\/media-releases\/2022\/mas-statement-to-address-misconceptions-in-the-wake-of-collapse-of-ftx\">released<\/a> a statement Nov. 21 to address \u201csome questions and misconceptions that have arisen in the wake of the FTX.com (FTX) debacle.\u201d\u00a0<\/p>\n<p>The first point MAS wanted to make was that it could not protect local users from the fallout from FTX collapse \u201csuch as by ringfencing their assets or ensuring that FTX backed its assets with reserves\u201d because \u201cFTX is not licensed by MAS and operates offshore. MAS has consistently warned about the dangers of dealing with unregulated entities.\u201d <\/p>\n<p>Yet it was Binance that ended up on the MAS Investor Alert List. That was because Binance, unlike FTX, was actively targeting users in Singapore with offerings denominated in Singapore dollars and payment options through local transmitters. MAS noted that it had received \u201cseveral\u201d complaints about Binance between January and August 2021. <\/p>\n<p>MAS made Binance stop soliciting Singaporean users and to take several measures to show its compliance, such as geo-blocking local IP addresses. It also referred Binance to the country\u2019s Commercial Affairs Department to investigate whether the exchange had violated the Payment Services Act. Singaporean users were, nonetheless, able to access FTX services. <\/p>\n<p><strong><em>Related: MAS doesn\u2019t trust retail crypto investments, mulling more regulations<\/em><\/strong><\/p>\n<p>The purpose of the Investor Alert List, MAS explained, is \u201cto 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.\u201d That does not mean that the list should contain all of the \u201chundreds\u201d of crypto exchanges worldwide, according to MAS. \u201cIt is not possible to list all of them and no regulator in the world has done so,\u201d it said. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Hey <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MAS_sg?ref_src=twsrc%5Etfw\">@MAS_sg<\/a> of Singapore, are you kidding me? The most important lesson that you learned from FTX is that dealing in any cryptocurrency is &#8220;hazardous&#8221;? How about do some basic Due Diligence before your sovereign fund <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Temasek?ref_src=twsrc%5Etfw\">@Temasek<\/a> plows US$275M of your citizens&#8217; money into a ponzi <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/8Q6UYYYWlm\">pic.twitter.com\/8Q6UYYYWlm<\/a><\/p>\n<p>\u2014 Bobby Apelrod \/ \/ nicefeet.sol (@tofushit888) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/tofushit888\/status\/1594627451501522944?ref_src=twsrc%5Etfw\">November 21, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>MAS went on to make extensive warnings about the volatility of crypto assets, and conceded:<\/p>\n<blockquote><p>\u201cEven if a crypto exchange is licensed in Singapore, it would be currently only regulated to address money-laundering risks, not to protect investors. This is similar to the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach currently taken in most jurisdictions.\u201d<\/p><\/blockquote>\n<p>MAS <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.mas.gov.sg\/-\/media\/MAS\/News-and-Publications\/Consultation-Papers\/2022-Proposed-Regulatory-Measures-for-DPT-Services\/Consultation-Paper-on-Proposed-Regulatory-Measures-for-Digital-Payment-Token-Services-v2.pdf\">released<\/a> a consultation paper on consumer protections for crypto users in October, however. <\/p>\n<p>State-owned investment firm Temasek issued a statement Nov. 19 saying that it had done eight months of due diligence on FTX in 2021 without finding uncovering any problems. Singaporean police have issued a warning about phishing sites trying to cash in on the confusion surrounding the FTX collapse.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/singapore-central-bank-explains-why-binance-was-on-its-alert-list-but-ftx-wasn-t\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Singapore central bank explains why Binance was on its alert list, but FTX wasn\u2019t &#8220; The Monetary Authority of Singapore (MAS), the country\u2019s central bank, released a statement Nov. 21 to address \u201csome questions and misconceptions that have arisen in the wake of the FTX.com (FTX) debacle.\u201d\u00a0 The first point MAS wanted to make&#8230;<\/p>\n","protected":false},"author":1,"featured_media":514381,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNGM2Y2FhZTctNWEzMS00NDQ3LWFlMjgtOTM2M2YxMWNkNDI5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,75022,135234,70934,5012],"class_list":["post-514380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-central-bank","tag-ftx","tag-regulation","tag-singapore"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=514380"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514380\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/514381"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=514380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=514380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=514380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}