Singapore adds Binance to "Investor Alert List"

Singapore's financial authority adds Binance to its "Investor Alert List" because the exchange doesn’t have a license

Sep 3, 2021

Hey DEFI TIMES community,

Binance is facing heavy regulatory uncertainty around the world and it doesn’t seem to stop.

For example, Japan and Malaysia have warned that Binance is operating in their countries without a license. Also, the UK, Italy, and Netherlands’ authorities have expressed similar concerns.

The latest news broke yesterday and it comes from one of the crypto-friendliest countries in the world: Singapore!

The Monetary Authority of Singapore (MAS) has added Binance to its Investor Alert List. The Investor Alert List writes down unregulated institutions which have been initially perceived as being licensed/regulated.

Apparently, Binance is not yet licensed in Singapore. While this move won’t impact any services provided by Binance, it shows once again that Binance is in trouble right now.

Singapore is just the tip of the iceberg here!

Binance HAS TO comply with regulations all around the world... otherwise, their core business could go down very quickly!

CZ understands this very well! Just a few days ago, Binance introduces mandatory KYC for all services.

CZ 🔶 Binance @cz_binance

Mandatory KYC for ALL services @binance. Action speaks louder than words.

Updates to Binance Services | Binance SupportFellow Binancians, Binance reviews its products and services on an ongoing basis to determine changes and improvements in light of evolving global compliance standards. To enhance user protections ...binance.com

This is a bold move and I could imagine that Binance will lose many customers after this decision!

Centralized crypto companies will be in big trouble soon. It’s the same discussion all over again: Centralization vs. Decentralization.

In the end, centralized crypto companies will have to comply with everything regulators demand.

The only organizations that are immune to regulations are truly decentralized protocols!

Regulation is the ultimate test of how decentralized a project really is.

📣 WATCH our recent interview with Alex Svanevik from Nansen!

Arbitrum launches mainnet

Arbitrum is live on mainnet! @arbitrum

WE KNOW YOU'VE BEEN WAITING... WE'RE PROUD TO ANNOUNCE... 📘ARBITRUM ONE📘 BRIEF YOURSELF BELOW 👇, WE'LL SEE YOU IN L2. offchain.medium.com/mainnet-for-ev…

Mainnet for EveryoneToday’s the day! We’ve opened up Arbitrum One for everyone and couldn’t be more excited to welcome you in! Today’s the culmination of years of work, but in many ways it’s just the beginning. Our…offchain.medium.com

After the recent Optimistm launch, the Arbitrum mainnet has also opened for end-users! A big step towards L2 mass adoption!

Check out the TVL after the announcement:

DEFI TIMES @defitimes

Guess when Arbitrum launched! 😂 $21.1 M locked already and counting!

Projects launching on Arbitrum

After Arbitrum opened its mainnet for end-users, we had a number of projects announcing their deployments.

Bartek Kiepuszewski @bkiepuszewski

$DAI is coming to @arbitrum very soon. Similarly to @optimismPBC it will be using a custom Gateway so that in the future goodies like fast withdrawals and minting $DAI directly on L2 will be supported

MakerDAO’s Timeline for Launching DAI on Arbitrum OneHi all, After months of development we are excited to see the Arbitrum team make their Layer 2 solution, Arbitrum One, available publicly on mainnet. This Optimistic rollup will facilitate the mass scaling of Ethereum and EVM compatible smart contracts by reducing transaction costs and latency. Opt…forum.makerdao.com

Balancer Labs @BalancerLabs

We are thrilled to announce that Balancer Protocol has expanded to layer 2 solution @arbitrum We believe that Balancer Labs and Arbitrum can work closely to significantly reduce gas costs and scale liquidity.

Balancer Protocol Live on Arbitrum to Scale DeFi LiquidityBalancer Protocol has launched support on the Layer 2 scaling solution Arbitrum to significantly reduce gas costs and scale liquidity. Within Ethereum’s layer-2 ecosystem, Arbitrum has established…medium.com

Kavaswap launch

The Kava Platform @kava_labs

Kava Swap has successfully launched! Trading is now LIVE kava.io/swap

Kava has launched KavaSwap, which is a cross-chain AMM protocol.

Celer Network <> Optimism

CelerNetwork @CelerNetwork

🙌Frens, meet @optimismPBC! The layer-2 rollup you have been asking for is now connected to cBridge.celer.network with FAST L1 withdrawal and cross-L2 transfer support. 📅 No more 7-day wait ⏱️Enjoy 3-minute instant transfer 💵 No more high fee 🥳 Enjoy 20X lower cost L2-L2

Celer cBridge has connected to Optimism, another popular L2 solution using optimistic rollups.

CREAM Finance exploited

Cream Finance 🍦 @CreamdotFinance

C.R.E.A.M. v1 market on Ethereum has suffered an exploit, resulting in a loss of 418,311,571 in AMP and 1,308.09 in ETH, by way of reentrancy on the AMP token contract. We have stopped the exploit by pausing supply and borrow on AMP. No other markets were affected.

CREAM Finance has been exploited! Over $29 million dollars have been removed from the liquidity pools.

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DISCLAIMER: All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.

Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.

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