Singapore’s MAS says FTX does not operate in the country

The Monetary Authority of Singapore (MAS) stated that the bankrupt crypto exchange FTX does not operate in the country, Wu Blockchain reported on Nov. 14. It continued that the exchange could onboard Singapore users because authorities could not prevent its citizens from “directly accessing overseas service providers.”. According to the regulator, it only lists entities that may be “wrongly perceived” as being regulated on its Investor Alert List (IAL), adding that while Binance was not banned in Singapore, the exchange does not “have the requisite license to solicit customers from Singapore and had to cease doing so.”.MAS also responded to speculations that it specifically targeted Binance with its regulatory effort, which allowed FTX to gain ground in the country.