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

Friday, 02/07/2021 | 17:58 GMT by Felipe Erazo
  • Binance Asia Services is currently operating under a grace period in Singapore.
Singapore MAS to Follow Up ‘As Appropriate’ with the Local Unit of Binance
Bloomberg

The Monetary Authority of Singapore (MAS) announced on Friday that it would follow the same path as other financial regulators globally about their respective stance towards Binance, a major cryptocurrency Exchange . According to Bloomberg, MAS noted: “We are aware of the actions taken by other regulatory authorities against Binance and will follow up as appropriate.”

In fact, Binance Asia Services, a firm from the exchange based in Singapore, operates under a grace period while the watchdog reviews its application for an operation license to provide digital asset services. However, it is not the only crypto exchange under such a grace period under the MAS ruling, the regulator said. As stated in a document from the MAS, Binance Asia Services is registered with the aim of “providing digital payment token service,” which is the same legal figure that Gemini and Bithumb had already applied before the watchdog.

“It is important to note that we take a collaborative approach in working with regulators, and we take our compliance Obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space,” Binance commented in an email quoted by Bloomberg. Still, the MAS warned that it is seeking to apply “robust standards” in reviewing each crypto-related application by considering many factors. Furthermore, the regulator stated that many applicants did not pass their registration filings successfully because of the Payment Services Act enacted last year.

Binance Legal Issues with Regulators

Times have not been easy for Binance in terms of regulatory affairs. Today, Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint against the cryptocurrency exchange for illegally offering services in the country. These violations generally attract jail terms between two to five years, along with a fine of 200,000 baht to 500,000 baht. In addition, a further daily fine of up to 10,000 baht will be imposed if the contravention continues.

The regulator detailed that it issued a warning letter against Binance on April 5, but the exchange allegedly did not provide any response.

The Monetary Authority of Singapore (MAS) announced on Friday that it would follow the same path as other financial regulators globally about their respective stance towards Binance, a major cryptocurrency Exchange . According to Bloomberg, MAS noted: “We are aware of the actions taken by other regulatory authorities against Binance and will follow up as appropriate.”

In fact, Binance Asia Services, a firm from the exchange based in Singapore, operates under a grace period while the watchdog reviews its application for an operation license to provide digital asset services. However, it is not the only crypto exchange under such a grace period under the MAS ruling, the regulator said. As stated in a document from the MAS, Binance Asia Services is registered with the aim of “providing digital payment token service,” which is the same legal figure that Gemini and Bithumb had already applied before the watchdog.

“It is important to note that we take a collaborative approach in working with regulators, and we take our compliance Obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space,” Binance commented in an email quoted by Bloomberg. Still, the MAS warned that it is seeking to apply “robust standards” in reviewing each crypto-related application by considering many factors. Furthermore, the regulator stated that many applicants did not pass their registration filings successfully because of the Payment Services Act enacted last year.

Binance Legal Issues with Regulators

Times have not been easy for Binance in terms of regulatory affairs. Today, Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint against the cryptocurrency exchange for illegally offering services in the country. These violations generally attract jail terms between two to five years, along with a fine of 200,000 baht to 500,000 baht. In addition, a further daily fine of up to 10,000 baht will be imposed if the contravention continues.

The regulator detailed that it issued a warning letter against Binance on April 5, but the exchange allegedly did not provide any response.

About the Author: Felipe Erazo
Felipe Erazo
  • 1036 Articles
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About the Author: Felipe Erazo
Felipe earned a degree in journalism at the University of Chile with the highest honour in the overall ranking, and he also holds a Bachelor of Arts in Social Communication. In addition, he has been working as a freelance writer and Forex/crypto analyst, with experience gained from several forex broker firms and crypto-related media outlets around the world. He has been involved in the world of online forex trading since 2010 and in the crypto sphere since 2015.
  • 1036 Articles
  • 42 Followers

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