The Monetary Authority of Singapore (MAS) has said bankrupt cryptocurrency exchange FTX does not operate in the country, Wu Blockchain reported Nov. 14.
Monetary 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 noted that the distraught exchange was “neither licensed nor exempt in Singapore”.
The exchange could onboard users in Singapore, it continued, as authorities failed to prevent citizens from “directly accessing overseas service providers.”
Binance is not banned in singapore
MAS also responded to speculation that it specifically targeted Binance for its regulatory efforts that allowed FTX to gain domestic status.
The regulator said it would only list entities that could be “falsely identified” as regulated on its Investor Alert List (IAL), and while Binance is not banned in Singapore, the exchange said it would “ We do not have the necessary licenses to solicit customers,” he added. From Singapore, I had to stop doing so. “
“It makes no sense for MAS to list every unlicensed entity on the IAL. MAS had no reason to list FTX on the same basis as Binance.”
Quinon and FTX are separate entities
The financial regulator further clarified that Kinon, a subsidiary of FTX, which operates a Singapore-based liquidity exchange, is a separate legal entity in the country.
Quinone is currently exempt from a license because its license application is under review, officials said. The regulator said it was carefully considering the application given recent developments.
Watchdog further added that it did not need FTX to migrate its Singaporean users to Quine.
Quinone is one of 134 companies affected by FTX’s bankruptcy filing on November 11th.
FTX is currently under heavy regulatory scrutiny. The Bahamian financial watchdog said it had neither directed nor authorized FTX to prioritize local withdrawals.
