MAS Puts On Investor Alert List, Cautions Singaporeans Of Its Payment Services put on Investor Alert List

The Monetary Authority of Singapore (MAS) has just issued an investor alert on cryptocurrency exchange on the evening of 2nd September, Thursday, for potentially breaching the Payment Services Act. and its operator Binance were providing payment services and soliciting business from Singaporean residents without the appropriate license, leading to the regulator placing them on the Investor Alert List. The list serves as an indication that Binance isn’t licensed or regulated by the MAS.

Image adapted from: Binance

“Binance is required to cease providing payment services which are regulated under the Payment Services Act to Singapore residents and cease soliciting such business from Singapore residents,” a MAS spokesperson said to the media.

The spokesperson also added that the MAS has been engaging with Binance Asia Services (BAS) and expects them to begin suspending their digital payment services. BAS, which operates, has clarified that they are a separate legal entity from and does not offer any products or services via

BAS has submitted a license and is currently exempt from holding a license for the provision of digital payment token services under the Payment Services Act. has also put out a separate statement, reiterating that they take a “collaborative approach in working with regulators” and will be working closely with MAS and other regulators to comply with the relevant regulatory standards.

Image credit: Executium

This move adds to the growing list of scrutiny the world’s largest crypto exchange has faced from regulators since its debut in 2017. 

In July 2021, Malaysia ordered Binance to stop all operations within the next 14 days, including restricting Malaysian investors from accessing their Telegram group. This ban happened after the country added the exchange to their list of unauthorised entities a year ago in July 2020.

Read our other cryptocurrency articles:

Cover image adapted from: Executium


Josiah Neo

Recent Posts

8 Things To Do & See In Holland Village Besides The Usual Makan Haunts This Weekend

From Batik print shopping to a hidden sculpture park, here are 8 unique things to…

January 20, 2022

5 Top CNY Deals From Giant To Stock Up On – Up To 51% Off Ferrero Rocher, Abalone & Steamboat Essentials

From now till 26th January 2022, you’ll be able to snag deals of up to…

January 20, 2022

10 Unique Heartland Finds in Singapore’s Central That One-Up Town, Like Cheap Banh Mi & Bike Cafes

Check out these 10 heartland shops in the Central when you’re slightly sick of regular…

January 20, 2022

21 New Hotels In 2022 For Refreshed Singapore Staycations

From revamped spa resorts to hotels with 19th century vibes, there's no better way to…

January 20, 2022

8 Must-Knows About Giving Angbao For Clueless Couples, Including Suggested Rates & Auspicious Rules

Here's a beginner's guide to angbao giving in Singapore for folks who feel like a…

January 20, 2022

7 Japanese Onsen Spas In Singapore To Escape The Reality Of Your Bathtub-less Home

If you're suffering from Japan trip withdrawals, check out these spas in Singapore for Japanese-style…

January 20, 2022