It’s BAS that has submitted a license application, and is currently exempted from holding a license for the provision of digital payment token services, according to the MAS. and U.K.-and in Singapore, with Binance Asia Services, which operates Binance.sg. “Binance (global) would have to show that it has remediated any shortcomings and that it will not, going forward, solicit trades from Singapore resident customers.”īinance Holdings, which operates globally, has local affiliates in some countries like the U.S. ![]() “MAS is likely to take a holistic view on the application and consider the fact that Binance (global) has been put on the investor alert list,” said Nizam Ismail, founder of Ethikom Consultancy, a Singapore-based consultant which advises firms on compliance and regulation. While Binance has also drawn scrutiny from regulators in the U.S., the U.K., Thailand, Malaysia and Japan, many crypto bulls say tougher frameworks are a sign of market maturity offering more protection for investors that could lure more money to digital assets. The Singapore regulator’s warning marks the latest blow for Binance, which has grown quickly since its 2017 debut and doesn’t have a global headquarters. After the implosion of rival exchange FTX, its stranglehold on key corners of the crypto industry has only grown, drawing further regulatory scrutiny.Binance may be in breach of the Payments Services Act for providing payment services to, and soliciting business from Singapore residents without an appropriate license, the Monetary Authority of Singapore said Thursday, in response to questions from Bloomberg.Īs Binance didn’t apply for a license under local law, the MAS has added to the investor alert list, which warns consumers that Binance isn’t regulated or licensed to provide any payment services locally. The Binance executive was hardly the first to capitalize on this unregulated corner of finance but he has proved the most successful. But with FTX’s collapse in November underscoring the risk to retail investors, the CFTC case is the latest sign that policymakers are stepping up their scrutiny on a firm accused of routinely breaking US derivatives rules, among other charges.īack in 2017, Zhao started a website that let users anywhere trade virtual currencies, paying little heed to compliance with local laws governing financial products. It has had some successes, with France, Italy and Dubai granting it regulatory approval last year. The exchange has recently admitted to past “gaps” in compliance and has courted regulators. ![]() ![]() Here’s a timeline of Binance’s spats with watchdogs around the globe: The Commodity Futures Trading Commission charges follow past warnings from the likes of Japan, the Netherlands and the UK - all alleging that Binance operated without their permission. ![]() Read more: Zhao’s Binance Empire Dwarfs FTX at Peak and Dominates Crypto In a forceful move to crack down on the most systemically important player in the $1.1 trillion industry, US authorities on Monday sued Binance and its chief executive Changpeng “CZ” Zhao for allegedly breaking trading and derivatives rules. (Bloomberg) - The dramatic US enforcement action against Binance on Monday is the latest in a long history of run-ins between the world’s largest crypto exchange and regulators around the world.
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