Monetary Authority of Singapore Warns Public Against Trading with Unregulated Companies

The Monetary Authority of Singapore (MAS) has reiterated that the public should not engage in cryptocurrency trading in light of the recent theft of approximately $6.3 billion in assets from Binance. The MAS pointed out that Binance is not authorized to provide regulated financial services in Singapore and was placed on the investor alert list back in September 2021. Although its local platform, Binance.sg, ceased operations in 2022, Singaporean investors can still use Binance.com. A spokesperson for the MAS stated that licensed digital payment token service providers must establish strict control mechanisms to manage technological and network risks and safeguard customer assets. However, even with a license, regulatory measures cannot completely eliminate the potential losses consumers may incur due to the high risks associated with cryptocurrencies.

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