Binance News: Due to increasing reviews worldwide, Binance has been put under scrutiny by the Monetary Authority of Singapore (MAS). Binance has recently come under increasing scrutiny around the world, particularly in the UK and Japan.
Binance’s presence in the region, Binance Asia Services Pte., was operating during the “grace period” on a grace period. Meanwhile, the Monetary Authority of Singapore was examining an application for a license to provide digital payment services. The UK’s Financial Conduct Authority (FCA) has made a similar adjustment to its Temporary Registration Regimes and has recently extended this service until March 2022.
A MAS representative said that other companies have undergone a similar assessment, but that they can still continue their operations. “We are aware of the actions taken by other regulatory authorities against Binance and will follow up accordingly,” the official said.
The review comes in the midst of increasing global scrutiny on Binance. The UK’s FCA has issued a consumer warning against Binance Markets. As such, the firm is not authorized to advertise or sell its products in the UK. The FCA further stressed that neither Binance Markets nor any other entity in the Binance Group “has any UK authorization, registration or license to conduct regulated business in the UK”. Binance has also seen increased scrutiny from Japan and Canada.
However, Binance Asia Services is a separate legal entity and does not offer any products or services. The Singapore entity is backed by Vertex Ventures Holdings and says it is focused on growing the local blockchain ecosystem and serving users there. The exchange is owned by New York-based Gemini Trust Co. LLC and crypto firms, including Hong Kong-based Crypto.com, is seeking a license to legitimize its operations in Singapore.
MAS CBDC challenge
Meanwhile, while the MAS isn’t hot about using cryptocurrencies, it seems impressed by the potential of central bank digital currencies (CBDCs). Earlier this week, MAS announced the start of a global challenge for retail CBDCs. MAS hopes to attract financial technology (FinTech) companies and financial institutions worldwide. It invites them to offer innovative solutions regarding a CBDC instrument, distribution and infrastructure.