Binance is on the Singapore Monetary Authority Investor Warning List
The Monetary Authority of Singapore's new income listing for investors has added Binance.com as an unregulated organization. This list publishes the name of organizations in Singapore that are mistakenly believed to be licensed by the MORE.
Although it does not mean that working with Binance is prohibited in the country, it may affect traders who believe that the exchange has an operating license to work in Singapore.
It is not the first time that Binance or other exchanges have faced warnings or regulations from governments around the world. It can affect user behavior in Singapore, which cannot be a lasting effect unless the government decides to limit Binance's operations in the country.
Governments continue to have problems
Governments around the world are still trying to understand the operations of blockchain-based services and, more importantly, regulate them.
There is news about regulations, limitations or prohibitions of operations of blockchain companies every day all over the world. For the most part, cryptocurrency exchanges face these problems because they work directly with people's investment and money.
Binance, as the world's largest cryptocurrency exchange, faces these problems more than others.
The latest news comes from Singapore. The Monetary Authority of Singapore (MAS) recently added Binance to the list of investor warnings. According to the official website:
“The Investor Alert List provides a list of unregulated individuals who, based on information received by MAS, may have been mistakenly perceived as authorized or regulated by MAS. This list is not exhaustive and is based on what MAS knew at the time of its publication. "
The description shows that being on this list does not necessarily mean a prohibited operation for a company. It is just a warning. He cautions investors to be careful when working with companies on this list. These companies are mistakenly believed to have operating licenses for MORE, but they don't.
There are currently 699 companies and organizations on the Investor Alert List of MORE. Binance is the latest to be added to the list.
Some of the other cryptocurrency-related names that were added in 2021 are FDX Capital, Masscryptomining, Coinchaindigital Mining Limited, and Global Options BTC Global Mining & Trading.
As mentioned above, it is not the first time, and it will not be the last time, that Binance or any other cryptocurrency-related company has faced warnings from government organizations.
The least good news is that the operation of the company is not yet prohibited in Singapore. But the latest warning may result in more limitations down the road.