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.
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 Binance.sg 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.
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