The police’s probe adds to troubles for Binance, which is also under regulatory investigation in the US on whether it broke securities rules. In the city-state, its Singapore affiliate last year dropped its application to run a crypto exchange, a few months after Binance.com was added to the MAS’s investor alert list.
Binance.com was “actively soliciting” users in Singapore to the extent of offering listings in the local currency among other incentives, the MAS said in its statement on Monday. The regulator was trying to explain its differing treatment of Binance.com and FTX, in the wake of FTX’s collapse that had drawn criticisms.
“Binance takes compliance with the Singapore laws very seriously,” a Binance spokesperson said in an email. “As a matter of policy we do not actively solicit Singapore users.” The spokesperson added that due to confidentiality obligations, the firm is unable to comment on the investigations.
