,Singapore

MAS to follow up on Binance's Singapore unit amidst scrutiny

Binance Asia Services has a grace period during which it can operate in the country.

The Monetary Authority of Singapore (MAS) will follow up with Binance Asia Services, the local unit of cryptocurrency exchange platform Binance, amidst the intense scrutiny that the latter has been facing, reports Bloomberg.

Binance Asia Services has a grace period during which it can operate in the country whilst MAS reviews its application for a licence to provide digital payment token services, the regulator said.

“We are aware of the actions taken by other regulatory authorities against Binance and will follow up as appropriate,” it added.

Binance is being probed by several agencies in the US, and Japan’s Financial Services Agency has warned that it offered crypto services without registration. In Singapore, the company is seeking a licence that would legitimise its operations, along with other crypto firms such as Gemini Trust and Crypto.com.

Binance Asia Services is a separate legal entity and does not offer any products or services via the Binance.com website or Binance Markets, the company said.

Here's more from Bloomberg.

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