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
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.
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!
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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.