In a strategic move that mirrors its 2021 actions against leading crypto exchange Binance, the Monetary Authority of Singapore (MAS) recently added imToken, a non-custodial cryptocurrency wallet, to its investor alert list. This decision sent ripples throughout the crypto domain. Additionally, it highlights the growing regulatory concerns in Singapore’s crypto industry.
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Singapore MAS adds imToken and BKEX to warning list
The inclusion of crypto-based organizations on the MAS Investor Alert List suggests a consistent focus on monitoring and regulating various aspects of the crypto ecosystem. Non-custodial wallets are known for giving users more control over their private keys and digital assets. However, imToken, a major player in this space, has faced intense scrutiny.
In early December, Singapore MAS decided to include imToken on its warning list. The move strengthens the regulator’s objective of ensuring investor protection and preventing illegal activities. Moreover, its influence extended beyond imToken. A few days after adding non-custodial cryptocurrency wallets, cryptocurrency exchange BKEX was also added to the alert list.
The latest development follows MAS’s 2021 warning against Binance, which forced the leading crypto exchange to relocate its operations from Singapore to Dubai. Investors are advised to exercise caution and conduct thorough due diligence when dealing with imToken or similar non-custodial wallets. Furthermore, given Singapore’s strict crypto regulations, it is most likely that the country will not limit its enforcement of cryptocurrencies.
Binance to withdraw from Singapore in 2021
In late November 2021, Binance was added to the Singapore MAS watch list. This action was taken in response to multiple complaints received between January and August 2021, which led to further investigations being initiated through the Commercial Affairs Bureau.
In response to instructions from MAS, Binance was asked to stop soliciting users in Singapore. As a result, the exchange has taken several compliance measures. Binance is considering geo-blocking Singaporean IP addresses and has removed its mobile application from the Singapore app store.
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