MAS Statement to Address Misconceptions in the Wake of Collapse of FTX

Nov 21,2022
KingData News: The Monetary Authority of Singapore (MAS) has issued an article explaining some of the issues and misconceptions. A question is why MAS treated Binance differently from FTX, specifically why it was placed on the Investor Alert List (IAL) while FTX was not. 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. The most important lesson from the FTX debacle is that dealing in any cryptocurrency, on any platform, is hazardous. Even if a crypto exchange is licensed in Singapore, it would be currently only regulated to address money-laundering risks, not to protect investors.
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