The Financial Authority of Singapore (MAS) said that the bankrupt crypto alternate FTX doesn’t function within the nation, Wu Blockchain reported on Nov. 14.
The Financial Authority of Singapore (MAS) response to the FTX incident: https://t.co/VMoN0hPYvm pic.twitter.com/HizRtXXNvw
— Wu Blockchain (@WuBlockchain) November 14, 2022
The report famous that the embattled alternate was “neither licensed nor exempted from licensing in Singapore.”
It continued that the alternate might onboard Singapore customers as a result of authorities couldn’t forestall its residents from “straight accessing abroad service suppliers.”
Binance is just not banned in Singapore
MAS additionally responded to speculations that it particularly focused Binance with its regulatory effort, which allowed FTX to achieve floor within the nation.
Based on the regulator, it solely lists entities that could be “wrongly perceived” as being regulated on its Investor Alert Checklist (IAL), including that whereas Binance was not banned in Singapore, the alternate doesn’t “have the requisite license to solicit clients from Singapore and needed to stop doing so.”
“It will not be significant for MAS to listing all unlicensed entities on the IAL. MAS didn’t have trigger to listing FTX on the identical foundation as Binance.”
Quinone and FTX are separate entities
The monetary regulator additional clarified that Quinone, an FTX subsidiary that operates a Singapore-based liquid alternate, is a separate authorized entity within the nation.
Based on the authorities, Quinone is presently exempted from licensing whereas its license software is beneath evaluation. The regulator stated it’s reviewing the appliance rigorously, contemplating latest developments.
The watchdog additional added that it had not required FTX emigrate its Singapore customers to Quoine.
Quinone is likely one of the 134 corporations affected by FTX’s chapter submitting on Nov. 11.
FTX is presently beneath strict regulatory scrutiny. Bahamas’ monetary watchdog stated it didn’t direct nor authorize FTX to prioritize native withdrawals. The alternate can also be dealing with a U.S. Securities and Trade Fee probe over its dealing with of purchasers’ funds.
