Singapore MAS warns public after $6.3 billion Binance hack, cites heightened risks

Singapore’s Monetary Authority (MAS) has issued a renewed warning regarding cryptocurrency trading, following a security incident involving Binance. The central bank advised that trading digital assets remains unsuitable for most retail investors, particularly in light of the recent report of $6.3 billion being unlawfully transferred from Binance-controlled wallets. MAS stated in early November that Binance, one of the world’s largest cryptocurrency exchanges, is not authorized to provide regulated financial services in Singapore. Binance previously operated a local platform, Binance.sg, and had applied for a license in 2021 but withdrew its application. The Singaporean branch ceased operations in 2022. Binance remains listed on MAS’s Investor Alert List, a public register intended to clarify the regulatory status of firms that may be wrongly perceived as being licensed locally.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CoinTurk News.