The Monetary Authority of Singapore said that cryptocurrency exchange FTX, which declared bankruptcy, is not serving in the country.
Although the Monetary Authority of Singapore said that FTX does not provide official services in the country, it also stated that it could not prevent users from accessing overseas locations.
Singapore Regulator: FTX No Service in the Country
The Monetary Authority of Singapore, the city-state’s central bank and financial regulator, has announced that FTX, which has filed for Chapter 11 bankruptcy protection, does not operate in the country.
In an email statement, the Monetary Authority of Singapore (MAS) said today, in response to media inquiries, that FTX does not operate in Singapore. However, the regulator also acknowledged that it could not prevent users in Singapore from directly accessing overseas service providers.
The email also addressed speculation that the authority was banning FTX, encouraging users to inadvertently invest on the platform. The statement said the following on the subject:
“Binance is not banned from operating in Singapore. Binance did not have the necessary license to request clients from Singapore and had to cease its services. It wouldn’t make sense for MAS to list all unlicensed. assets in IAL. MAS had no reason to list FTX on the same basis as Binance.”
The regulator additionally noted that the license of FTX’s Singaporean subsidiary, Quoine, is currently under review in light of recent events.
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