The Monetary Authority of Singapore (MAS) is inspecting the local subordinates of Binance application to issue a license to digital payment token services in the country.
Singapore financial regulators review the assessments of Binance entities in the region. Besides, the exchange is given a grace period during the monitoring process and can operate asusaul in the meantime. The MAS revealed the follow up is due to the warning and ban of Binance exchange in UK, US, Japan and Canada. This global shutdown is because of the fraudulent act and money laundering practice in the crypto industry.
Singapore’s Financial Watchdog to ‘Follow Up’ on Global Binance Concerns https://t.co/kayJaYezMd via @coindesk
— james (@suanfha) July 2, 2021
In regards with the reviewing process, the MAS says,
“We apply “robust standards” in assessing applications, and consider a number of factors such as the applicant’s ability to implement strong measures against illicit flows, as well as fitness and propriety of shareholders and key appointment holders.”
The regulator also added, Applicants will be subject to close scrutiny in the licensing process and ongoing supervision of MAS. Similarly, there are some other crypto businesses undergoing the same evaluation process by the regulators.
Increased Scrutiny for Binance
Moreover, the follow up move was prominent by the authorities as the Binance exchange shutdowns globally. The federals of the U.K, Japan and Canada banned Binance services for practicing unregistered crypto services. The UK authorities and Japan financial agencies showdown Binance exchange due to the act of money laundering and illicit crypto-practices.
Binance Holdings Ltd. is now restricted to advertise or sell its products in the UK. Binance Markets nor any related entity in the Binance Group holds any form of UK authorization, registration, or license to conduct regulated activity in the UK.
Therefore with all these challenges the Monetary Authority of Singapore focuses on growing the local blockchain ecosystem. It also plans to offer the users a secured exchange platform. Through this Binance application receives a license which legally permits its operations in Singapore.
However, it is the crucial time for the cryptocurrency market in the world. The MAS regulators take the challenging part reviewing the Binance exchange for legalized crypto payments.
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