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Singapore puts Binance.com on list of unregulated entities

singapore-puts-binance.com-on-list-of-unregulated-entities

Local media in Singapore is reporting that the Monetary Authority of Singapore (MAS) has placed Binance.com on its Investor Alert List.

The regulator has not included Binance.sg

The regulator added the exchange to the list on Thursday, mentioning only “www.binance.com”. The list currently includes 699 companies that the Monetary Authority of Singapore (MAS) does not regulate. The companies on the list may have given investors the impression that they are licensed or regulated by the MAS, but none of them are regulated.

A spokesperson of Binance explains that Binance.sg is not on the list because it is a separate exchange. He stated  “Binance.sg operates in Singapore with its own local executive and management team. According to the Binance spokesperson, the MAS announcement has no direct impact on the services offered on Binance Singapore.

MAS announcement comes just a week after Richard Teng’s appointment

The news comes a week after Binance hired Richard Teng, the former chief regulatory officer of the Singapore Stock Exchange, as CEO of Binance Singapore. Teng also served as Director of Corporate Finance at MAS for 13 years, from 1994 to 2007.

Amid Binance’s regulatory and legal troubles, Binance US could go public in the next three years. In an interview with The Information, Binance’s CEO Changpeng Zhao also said that Binance US plans to close a large private funding round in the next two months, which should reduce his control of the board.

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