The Monetary Authority of Singapore (MAS) said that FTX.com does not operate and is not licensed in Singapore. However, admitting this does not stop people from investing through the platform.
According to Wu Blockchain, Singapore is one of the countries with the largest number of FTX users, accounting for 5.26% of all users. This is because the country has banned Binance, forcing investors to choose the platform behind FTX. Countries with the most affected FTX users include South Korea, Germany, Russia, and Japan.
The crash of FTX has held some MAS critics accountable for targeting a crackdown on Binance that excludes FTX.com, resulting in significant losses for users in the island nation.
In response, MAS said that Binance and FTX.com are two different cases, MAS has no reason to point FTX on the same basis as Binance and there is no point in listing all unlicensed companies on the IAL.
As for why Singaporean users of FTX.com did not switch to its Singapore subsidiary, MAS said FTX.com and Quoine operate as separate legal entities. It is carefully considering continuing to license Quoine after the recent upheaval. In addition, MAS does not require FTX.com to transfer Singapore users to Quoine.
While Singapore regulators have not yet taken any action against FTX, the MAS has previously announced it will crack down on crypto companies in the country. The warning comes after some of the big names in the industry with close ties to Singapore such as crypto hedge fund Three Arrows Capital and trading platform Vauld went bust earlier this year.
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