{"id":131021,"date":"2021-07-02T19:05:14","date_gmt":"2021-07-02T19:05:14","guid":{"rendered":"https:\/\/precoinnews.com\/?p=131021"},"modified":"2021-07-02T19:05:14","modified_gmt":"2021-07-02T19:05:14","slug":"singapore-mas-to-follow-up-as-appropriate-with-the-local-unit-of-binance","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/singapore-mas-to-follow-up-as-appropriate-with-the-local-unit-of-binance\/","title":{"rendered":"Singapore MAS to Follow Up \u2018As Appropriate\u2019 with the Local Unit of Binance"},"content":{"rendered":"

The Monetary Authority of Singapore (MAS) announced on Friday that it would follow the same path as other financial regulators globally about their respective stance towards Binance, a major cryptocurrency exchange. According to Bloomberg<\/em>, the MAS noted: \u201cWe are aware of the actions taken by other regulatory authorities against Binance and will follow up as appropriate.\u201d<\/p>\n

In fact, Binance Asia Services, a firm from the exchange based in Singapore, operates under a grace period while the watchdog reviews its application for an operation license to provide digital asset services. However, they\u2019re not the only crypto exchanges under such grace period under the MAS ruling, the regulator said. Per a document from the MAS, Binance Asia Services is registered with the aim of \u201cproviding digital payment token service\u201d \u2013 the same legal figure that Gemini and Bithumb had already applied before the watchdog.<\/p>\n

Bank Account Alternative. Business Account IBAN.<\/strong><\/p>\n

\u201cIt is important to note that we take a collaborative approach in working with regulators, and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules, and laws in this new space,\u201d Binance commented in an email quoted by Bloomberg. Still, the MAS warned that it\u2019s seeking to apply \u201crobust standards\u201d in reviewing each crypto-related application by considering many factors. \u00a0Furthermore, the regulator stated that many applicants didn\u2019t pass their registration filings successfully because of the Payment Services Act enacted last year.<\/p>\n

Binance Legal Issues with Regulators<\/h2>\n

Times have not been easy for Binance in terms of regulatory affairs. Today, Thailand\u2019s Securities and Exchange Commission (SEC) filed a criminal complaint against the cryptocurrency exchange for illegally offering services in the country. These violations generally attract jail terms between two to five years, along with a fine of 200,000 baht to 500,000 baht. In addition, a further daily fine of up to 10,000 baht will be imposed if the contravention continues.<\/p>\n

The regulator detailed that it issued a warning letter against Binance on April 5, but the exchange allegedly did not provide any response.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Monetary Authority of Singapore (MAS) announced<\/p>\n","protected":false},"author":3,"featured_media":131020,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nSingapore MAS to Follow Up \u2018As Appropriate\u2019 with the Local Unit of Binance - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/singapore-mas-to-follow-up-as-appropriate-with-the-local-unit-of-binance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Singapore MAS to Follow Up \u2018As Appropriate\u2019 with the Local Unit of Binance - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The Monetary Authority of Singapore (MAS) announced\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/singapore-mas-to-follow-up-as-appropriate-with-the-local-unit-of-binance\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-02T19:05:14+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/07\/Singapore-MAS-to-Follow-Up-\u2018As-Appropriate-with-the-Local-Unit-of-Binance.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/singapore-mas-to-follow-up-as-appropriate-with-the-local-unit-of-binance\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/singapore-mas-to-follow-up-as-appropriate-with-the-local-unit-of-binance\/\",\"name\":\"Singapore MAS to Follow Up \u2018As Appropriate\u2019 with the Local Unit of Binance - 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