MAS flags Binance.com on list of unregulated entities “Invest Alert” list

September 2, 2021

Business Times On the Web

IN the wake of scrutiny from authorities around the world, crypto exchange Binance.com has on Thursday been placed on the Singapore central bank’s Investor Alert List, and was ordered to stop payment services in Singapore.

This list, which currently flags 699 companies, details entities not regulated by the Monetary Authority of Singapore (MAS) but may have given investors the impression that they are licensed or regulated by the MAS.

The top global cyrpto bourse’s UK arm, Binance Markets, was in June banned from doing regulated business in the UK over concerns that it was not doing enough to prevent money laundering and other financial crimes on its platform.

Earlier, Japan’s financial regulator issued a notice warning that Binance was not registered to do business within the country. In response to media queries in June, the MAS had said it is aware of actions taken by other regulatory authorities against Binance and “will follow up as appropriate with (Binance Asia Services)”

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