Singapore Says Binance Is Not Authorized for Regulated Services

The Monetary Authority of Singapore (MAS) said Binance is not authorized to provide regulated financial services in Singapore and urged consumers to be cautious after a recent theft involving the exchange. A MAS spokesperson said Thursday, Nov. 5, that crypto trading is generally unsuitable for the public. The regulator advised consumers to avoid unregulated companies. MAS said regulatory safeguards cannot fully prevent losses stemming from crypto’s inherent risks, even when consumers trade through licensed companies. Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.

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