Select Page

Singapore Financial Regulator ‘Following Up’ With Binance

Singapore Financial Regulator ‘Following Up’ With Binance
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

Due to increased scrutiny around the world, Binance has now come under review by the Monetary Authority of Singapore (MAS).

Binance’s entity in the region, Binance Asia Services Pte., has been operating during a grace period. This is while the Monetary Authority of Singapore reviews its application for a license to provide digital payment token services. The UK’s Financial Conduct Authority (FCA) has a similar arrangement in its Temporary Registrations Regimes. It recently extended this service until March 2022.

A MAS representative said that other companies are undergoing a similar assessment, but can still continue their operations. “We are aware of the actions taken by other regulatory authorities against Binance and will follow up as appropriate,” the authority said.

Binance issues

The review comes amid increased scrutiny on Binance at a near-global level. The UK’s FCA issued a consumer warning against Binance Markets. As such, the firm is not authorized to advertise or sell its products in the UK. The FCA also highlighted that neither Binance Markets nor any other entity in the Binance Group “holds any form of UK authorization, registration, or license to conduct regulated activity in the UK.” Binance has also seen increased scrutiny from Japan and Canada.

However, Binance Asia Services is a separate legal entity and does not offer any products or services. The Singapore entity is backed by Vertex Ventures Holdings, and focuses on growing the local blockchain ecosystem and servicing users here, it said. The exchange is seeking a license that would legitimize its operations in Singapore, along with crypto firms including New York-based Gemini Trust Co. LLC and Hong Kong-based Crypto.com.

MAS CBDC challenge

Meanwhile, although MAS may be critical of cryptocurrency use, it seems enthused by the potential of central bank digital currencies (CBDCs). Earlier this week MAS announced the launch of a global challenge for retail CBDCs. MAS hopes to attract financial technology (FinTech) companies and financial institutions around the world. It invites them to submit innovative solutions regarding a CBDC instrument, its distribution, and its infrastructure.

Up to 15 finalists will be selected to receive mentorship from industry experts. Out of the 15 finalists, up to three winners will be selected, who will each receive S$50,000 in prize money.

The post Singapore Financial Regulator ‘Following Up’ With Binance appeared first on BeInCrypto.

 

Source: BeInCrypto

 

All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for the android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.es here

Categories

Select a Sub Category
category
614fb16467ded
0
1
Loading....

Reviews

All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber