Singapore’s central bank has responded to criticism of its treatment of two of the world’s largest crypto exchanges, explaining why Binance was on an investor watch list while FTX, which has filed for bankruptcy, was not.
In a statement Monday, the Monetary Authority of Singapore said it wanted to clear up “questions and misconceptions” that had come up since the implosion of FTX, which until this month was one of the biggest cryptocurrency firms globally. The MAS had received queries on why Binance, the world’s top exchange, had been placed on its investor alert list, which warned users that it was not licensed or regulated locally.
To appease officials, the exchange rolled out new measures, such as blocking traffic from the country’s users and taking down its app from local app stores, the MAS said. Unlike other industry players, Binance has emerged relatively unscathed during what some are calling a “crypto winter,” which refers to the sector’s ongoing global liquidity crisis. The firm recently launched a so-called “recovery fund” to help entrepreneurs facing a cash crunch.
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