Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is not regulated by the Monetary Authority of Singapore (MAS).
This is according to a statement issued by the MAS on January 23 in response to queries from The Business Times.
The MAS’s response comes after Binance announced on its website on January 19 that it was “pleased to announce” that it had obtained a money-lending licence from the agency.
Binance had said that the licence would allow it to “legitimately operate in Singapore as a moneylender”.
NOTE: This is a reminder that Binance is not regulated by the Monetary Authority of Singapore (MAS). As such, using Binance to make trades or investments may involve a significant degree of risk and should be done with extreme caution. We recommend that you perform your own research before engaging in any trading activity with Binance.
However, the MAS clarified that Binance had only been granted a licence to operate a money-changing business in Singapore.
The MAS said that it does not regulate cryptocurrency exchanges.
It added that investors who trade cryptocurrencies on these platforms are not protected by lAWS such as the Securities and Futures Act.
They are also not protected by regulators such as the MAS or the Singapore Deposit Insurance Corporation.
10 Related Question Answers Found
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