Wednesday, June 29, 2022
HomeRegulationSingapore MAS to Follow Up ‘As Appropriate’ with the Local Unit of...

Singapore MAS to Follow Up ‘As Appropriate’ with the Local Unit of Binance

Friday’s announcement by the Monetary Authority of Singapore (MAS), indicated that it would follow similar steps as other global financial regulators regarding their respective stances towards Binance, a major cryptocurrency trading platform. Bloomberg stated that MAS was aware of actions taken against Binance by other regulatory agencies and would follow-up as necessary.

Binance Asia Services, an exchange firm based in Singapore , operates under a grace time while the watchdog examines its application for a license to operate digital asset services. The regulator stated that it was not the only cryptocurrency exchange subject to the MAS ruling’s grace period. Binance Asia Services, which was registered by the MAS with the goal of “providing digital payments token service”, is the same legal figure as Gemini and Bithumb that were previously applied to the watchdog.

“It is important that you note that we adopt a collaborative approach when working with regulators and we take our compliance obligations very serious. In an email to Bloomberg, Binance stated that we are keeping up-to-date with changes in laws, policies and rules in the new space. The MAS stated that it will continue to review all crypto-related applications using a variety of factors and would apply “robust standards”. The regulator also stated that the Payment Services Act, which was enacted last January, meant that many applicants failed to pass their registration filings.

Binance Legal Issues and Regulators

Binance has had a difficult time with regulatory matters. Today, the Securities and Exchange Commission of Thailand (SEC), filed a criminal case against the cryptocurrency exchange. It was accused of illegally offering services to the country. These violations usually result in a sentence of between two and five years imprisonment, as well as a fine of between 200,000 baht and 500,000 baht. If the contravention continues, an additional daily fine of up 10,000 baht may be imposed.

The regulator stated that it had sent a warning letter to Binance on April 5, but the exchange did not respond.

RELATED ARTICLES

Most Popular