The Monetary Authority of Singapore stated that there was no reason to caution investors against FTX crypto exchange as it did with Binance because the former did not actively solicit users in Singapore.
This comes amid earlier speculations stating that the regulator’s action against Binance caused Singaporean users to shift to FTX thereby causing them to be caught in the exchange’s collapse.
FTX Did Not Solicit Singapore Users
In a statement published on Monday (November 21, 2022), MAS responded to “questions and misconceptions” following FTX’s downfall. The Singaporean financial regulator said it was not possible to protect locals who used the Bahamas-based FTX as the crypto exchange was not licensed by the agency and operated offshore.
MAS also addressed concerns about its treatment of the world’s largest crypto exchange Binance, and FTX. The regulatory watchdog said that while both crypto exchanges were unregulated in Singapore, there was a difference between them.
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