The Monetary Authority of Singapore (MAS) made a statement to the criticism that it treats two different exchanges differently.
MAS has defended its stance on Binance and its bankrupt FTX, following criticism that the two firms had been treated differently since the regulator had previously warned the public about Binance.
Singapore Clarifies Binance and FTX Attitude
The Monetary Authority of Singapore (MAS) said in a statement that the clear difference between the two exchanges is; He said that to the extent that Binance.com offers listing in Singapore dollars, among other incentives, it “actively requests” users in the city-state, while FTX does not.
MAS reiterated that FTX is not licensed in the country, in response to “questions and misunderstandings” that it is possible to protect local users transacting with FTX by transferring their assets to different companies or having FTX back up their assets with reserves. It also warned investors once again about the dangers of trading with unregulated entities.
MAS cited the following as the most important lesson to be learned from the FTX crisis:
“Trading in any cryptocurrency, on any platform is dangerous. There is no protection for customers dealing with cryptocurrencies. They could lose all their money.”
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