MAS will “follow up” with cryptocurrency exchange entity S’pore Binance – Health Guild News


The Singapore Monetary Authority (MAS), the country’s financial regulator and central bank, said it would follow what is required with the local unit of Binance Holdings. This comes after his parent company came under scrutiny by world authorities.

Bloomberg reported MAS is expected to follow up with the local subsidiary of Binance Asia Services Pte Ltd.

Binance Asia Services has a grace period during which it can operate in Singapore while MAS reviews its application to obtain a license to provide digital payment token services, dit the regulator.

Under the Payment Services Act, entities that conducted regulated business prior to the commencement of the Act on January 28, 2020 may continue to provide their services while license applications are processed.

“We are aware of the actions taken by other regulatory authorities against Binance and will follow up appropriately,” the MAS said in an interview with The Business Times.

The step comes after Binance did it banned by the British market regulator earlier this week out of concern that it wasn’t enough to prevent money laundering and other financial crimes on its platform.

Japan had issued one similar notice the day before the warning, Binance was not registered to do business in the country.

Binance Asia Services manages the platform, popular with Singaporeans who trade in bitcoins and several other cryptocurrencies.

In accordance with The Business Times, a spokesman for Binance Asia Services, with the support of Temasek’s unit, Vertex Holdings, stressed that the company is a legal entity independent of the rest of Binance’s overseas entities.

As of July 1, 2021, Vulcan Post premium items will be hidden behind a pay wall. Subscribers will be able to enjoy exclusive articles with a higher level of coverage and information on verticals that include government technology, electric vehicles, cryptocurrency and e-commerce. You can check out our premium items here and subscribe to us here.

Featured Image Credit: Tech Crunch

Source link